Seasons Greetings
    

Flash News: Companies are giving up on the United States and betting big on China and India     - | -     CDC director: Biden administration is in the dark about vaccine data     - | -     Tata Medical & Diagnostics, a new unit of Tata Sons to launch COVID-19 vaccine in India     - | -     Fabricating stories, fantastic conspiracy theories about covid-19 jabs that are deadly     - | -     New China swine fever strains point to illicit vaccines     - | -     SII: Blaze at facility of world’s biggest vaccine maker kills 5 people     - | -     Vadodara based Alembic Pharma gets USFDA nod for low blood pressure treatment drug     - | -     Paxton calls the DHS's decision illegal, threatens to Sue Biden Administration     - | -     Joe Biden’s speechwriter Vinay Reddy is the pride and joy of Telangana     - | -     She's a woman of color, she's a Black woman, a daughter of immigrants: Kamala Harris walks into history     - | -     Mine Managers detained, trapped worker dies as rescuers try to save 21 in China mine     - | -     Joe Biden, Kamala Harris Sworn in - signs 17 orders to undo Trump’s legacy     - | -     India plans for changes in e-commerce rules could hurt Amazon     - | -     Van Morrison mounts legal action over N.Irish virus curbs on live music     - | -     Netflix streaming service raised $15 billion in less than a decade     - | -     Inauguration of Kamala Harris: Watershed moment for the nation's oldest Black sorority     - | -     Matthew Bonner’s “Trump Baby balloon” to be displayed at the Museum of London     - | -     The resurgence of Covid-19 in China after largely containing the pandemic     - | -     Fitness startup Cure.fit buys California-based Onyx to boost at-home offerings     - | -     The oldest living Marine, Dorothy Cole, died at age 107     - | -     Starbucks closes some New York stores out of possible violence     - | -     COVID-19 vaccine export may start in 2 weeks: Poonawalla     - | -     Microsoft co-founder Bill Gates becomes largest private farmland owner in US     - | -     Alarm at death of teachers: Naseeb Gill      - | -     “Strong evidence” Feds walk back claims Capitol rioters meant to 'capture and assassinate' elected officials     - | -     Dr Reddy's gets DCGI approval to conduct phase-3 trial of Sputnik V     - | -     Biden unveils $1.9 trillion economic package: few keynotes     - | -      Indian consumers to be among the first to buy Samsung Galaxy S21 series globally     - | -     6.2 magnitude earthquake rattles Indonesia's Sulawesi island, killing at least 34 people     - | -     Fear looms as over 90,000 Americans could die of Covid-19 in next three weeks, CDC forecast shows     - | -     Deborah Rhode, Stanford law professor and authority on legal ethics, dies at 68     - | -     Coronavirus: Government is yet to decide on giving indemnity to vaccine makers     - | -     UK to fine companies that hide connections to China Xinjiang region     - | -     U.S. executes mentally diseased woman on murder charges     - | -     Malaysia nationwide Emergency: Election suspended until pandemic is over     - | -     Flight AI-176 enters the book of history with all women crew members     - | -     Trump administration declares Cuba a state sponsor of terrorism     - | -     Mayor Muriel Bowser urges people to avoid DC says Trumpism won't die on January 20     - | -     Ban imposed on genetically modified corn in Mexico     - | -     Ratan Tata travels to Pune to meet ailing former employee     - | -     Florida doctor dead after receiving COVID-19 vaccine     - | -     US Capitol Chaos: Pro-Trump Mob Clash with Police, 4 dead     - | -     Nashville bomber blew himself up, police say     - | -     December deadliest month of COVID-19 pandemic     - | -     Trump signs covid-19 stimulus and government spending bill into law     - | -     This Is What GOP Feared. Now that Trump Has Governed with Executive Orders, Dems Plan to Do Same      - | -     Man Throwing 'Incendiary Devices' at ICE Detention Center Is Killed in Attack      - | -     Mueller Hearing Pushed Back a Week to Allow More Time for Him to Answer Questions      - | -     Trump Tells 4 Congresswomen of Color to 'Go Back' to 'Crime-Infested' Countries They Came From      - | -     GOP Congressman Invokes 'The Deep State'

National News

IRS Will Issue Stimulus Checks from April through September

viewsViews 339

IRS Will Issue Stimulus Checks from April through September

2020-04-03 23:04:27

By Laura Tucker, Staff writer; Image: Seal of the Internal Revenue Service (Image source: Public domain)

Don't start spending your stimulus check just yet! Sure, you're still getting a check, but you will not be getting it next week if you don't have direct deposit set up with the Internal Revenue Service and you make more than $10,000 a year. They are rolling out the plan for issuing the checks, and regardless of the language in the package when it was passed, the IRS is not sending the entire country checks next week.

There will be some people who receive electronic payments as soon as late next week, yet $30 million in paper checks won't start being mailed out until April 24. The payments will have to be in paper checks rather than electronic, as the IRS does not have everyone's banking information. Some people won't get checks until September if they make the maximum amount of money allowed to still get a share of the $2.2 billion stimulus package. 

Basically, the manner in which you normally file taxes will determine how and when you get the disbursement as well as how much money you make. About eight in 10 taxpayers have direct deposit for their tax refunds, and that will help them much as this point.

Treasury Secretary Steve Mnuchin said at a White House press briefing that those with direct deposit will receive their money within two weeks

"If we have you [bank] information, you'll get it within two weeks," he said. "Social Security, you'll get it very quickly after that. If we don't have your information, you'll have a simple web portal, we'll upload it. If we don't have that, we'll send you checks in the mail."

He also noted, "In this environment we don't want to send checks, and we want to put money directly into [taxpayers'] accounts." 

A spokeswoman for the Treasury Department, Patricia McLaughlin, said via email that "the overwhelming majority of eligible Americans" will receive stimulus payments within the next three weeks. She added that the Treasury expects 50 million to 70 million Americans to receive checks via direct deposit by April 15, the traditional tax day. This is slightly different than the IRS draft plan for the disbursements.

She said taxpayers who haven't provided direct deposit information on their 2018 or 2019 tax returns will be able to enter it in a portal the IRS is setting up to get their checks faster. 

The IRS plan calls for distributing paper checks to the lowest-income earners first, those with individual incomes $10,000 or less, on April 24.  Those who earn $20,000 or less will get checks in the mail by May 1. $30,000 or less will be on May 8, $40,000 on May 15, and it will continue in income increments of $10,000 each week. The IRS is figuring they will be mailing out 5 million checks each week.

Joint taxpayers getting paper checks will have them issued on September 4. All others will be sent on September 11. This will most likely be for people who the IRS does not have prior tax information for. 

Electronic checks are supposed to be generated in April, according to the payment schedule. Banks will need to process the payments, but they could be deposited by April 14.

"If we know where to put the money, we're going to press the button and put it there next week," said an IRS official. 

About 145 million Americans are eligible for stimulus checks. Whether or not they are eligible is dependent on their income. Most Americans should have their payments in one form or another by  April 17.

Another 64 million Americans who receive Social Security and disability income will also be receiving checks. Most of these will be sent electronically. It was decided this week that even those who do not normally file a tax return will still get checks. 

The majority of taxpayers will not have to file a separate claim with the IRS in order to receive the disbursement. The stimulus bill that was passed reads that the Treasury should look at the 2019 or 2018 tax returns to determine if people are eligible for a disbursement.

The Treasury had considered sending payments in larger brackets. Instead of grouping them by income amounts of $10,000, they had considered income amounts of $25,000. Ultimately, they decided to send the checks in smaller batches because the networks don't have the bandwidth for so many checks in one week, according to an IRS official. 

But it makes it very confusing which week you'll be receiving it, depending on which official you're listening to and to then determine the rest by the crazy schedule that has been set.

Post Your Comment




Most Recent News

Gaming: FIFA 21 Team of the Year

25 January, 2021

  FIFA 21 Team of the Year  ...More

MLB: New York Yankees Acquire a Player to Be Named Later or Cash Considerations From the Boston Red Sox For Adam Ottavino and Frank German

25 January, 2021

  -Posted by Daniel Mogollon, Staff Writer; Image: New York trades Adam Ottavino to Boston. (Image Source: Sean M. Haffey | Credit: Getty Images) The New York Yankees......More

Soccer: Frank...You're Fired! Lampard Pays Price For Slump

25 January, 2021

  Frank...you're fired! Lampard pays price for slump  ...More

Get Published

Want to publish your own articles?

Create an account, and submit your articles, photos and/or videos. They will be reviewed by our professional copy editors, and if it is approved, it will be published for all our readers to view.

 
 

MORE FOR YOU