USA Coronavirus Stimulus money arrives by Direct Deposit, Check your BalanceVijayan Sankar (Author) Published Date : Apr 12, 2020 11:55 IST
The US Department of Treasury has confirmed Saturday, April 11 of crediting the bank account of Americans with the first stimulus payment of coronavirus aid of $1200. A lot of Twitter users also assured of the same. A treasury statement says that within weeks this dispatch of stimulus money gets deposited in the bank account, unlike the months it took during the 2008-2009 financial crises. But, it also said that it could not commit the time frame for those who have to receive paper checks.
Death toll crosses 20,000 and infections more than 5 million in the US on the eve of Easter. The US treasury and the IRS have worked together to credit the bank accounts with the coronavirus stimulus now. The first beneficiaries are those who have filed their tax returns for 2018 and 2019. For others who have not filed the tax returns have to go to the IRS.gov (next week) which is to release a new app called "Get my payment." They can enter their social security number, name, address, and the number of dependants and also the bank details to receive the direct deposit.
A US Treasury statement on April 11 assured that payments to all social security recipients in the coming weeks. The taxpayers can provide their details in the tools provided by the IRS to get the coronavirus aid stimulus in their bank accounts.
Code-for-America is a non profit group that has started an online service known as Get Your Refund in Colorado. It is helping millions of low-income people who do not file tax returns. Being a volunteer tax preparer, it helps them to get the benefits of filing tax returns like the child and earned income tax credits. It is now to support more by incorporating the new IRS app of Getting My Payment from next week.
Who will get the $1200 credit in their bank accounts?
- All Americans who made fewer than $75,000 income in 2019
- Couples who have jointly filed tax returns fewer than $ 150,000 will get $ 2400
- Individuals who have filed tax returns as "head of households" fewer than $112,500 will get $1,200
- All children below 16 years of age will get an additional $ 500
- For those who have filed returns above $ 75,000 $5 will be reduced for every $ 100 exceeding the limit
- For individuals with income above $ 99,000 and couples above $ 198,000 will not receive any coronavirus aid
- For any family, the maximum upper limit is $ 3,400
- There is no tax levied on the coronavirus stimulus payments
USA Coronavirus Stimulus money arrives by Direct Deposit, Check your Balance