{"id":8804,"date":"2020-04-20T17:08:34","date_gmt":"2020-04-20T21:08:34","guid":{"rendered":"https:\/\/mirausa.net\/?p=8804"},"modified":"2025-05-04T23:35:05","modified_gmt":"2025-05-05T04:35:05","slug":"mira-usa-informs-information-about-taxes-in-the-united-states-economic-impact-payments-covid19","status":"publish","type":"post","link":"https:\/\/mirausa.net\/?p=8804&lang=en","title":{"rendered":"MIRA USA Informs! Information about taxes in the United States – Economic impact payments #Covid19"},"content":{"rendered":"

\"\"The IRS has announced:<\/strong>
\n1. The deadline to FILE and PAY federal income taxes is extended to July 15, 2020. This is due to the current situation with the COVID-19.
\n2. If you own money the due date for payments has been extended until July 15, 2020 which .means you will not be charge interest nor penalties for paying until that date.<\/p>\n

Economic impact payments<\/strong>
\nWho is eligible for the economic impact payment?<\/strong><\/p>\n

a. Those who filed taxes previously and have a valid social security number.
\nb. Those who have file their taxes using a TIN number or tax ID DO NOT qualify.
\nc. For parents with a TIN number with kids with a valid SS number DO NOT qualify, the IRS only checks the SS of the parents filing the return.<\/p>\n

Is this taxable income?<\/strong>
\nNo, it is exempt from taxes.<\/p>\n

What happens if you have not filed your 2019 taxes?<\/strong>
\nThe IRS will use the information from 2018.<\/p>\n

How much is the amount of the benefit?<\/strong>
\nEligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child (under 17 years of age).<\/p>\n

Is there a limit of income to receive this benefit?<\/strong>
\nYes.
\nTax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.
\nFor filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the adjusted income limit.<\/p>\n

Taxpayers with income exceeding the following amounts are not eligible for this benefit:<\/strong>
\nSingle filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
\nSocial Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.<\/p>\n

How will the IRS know where to send my payment?<\/strong>
\nThe economic impact payment will be deposited directly into the same banking account reflected on the return filed for 2019 or 2018.<\/p>\n

The IRS does not have my direct deposit information. What can I do?<\/strong>
\nIn the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.<\/p>\n

For those with disability payments or retirees who receive social security benefit who are not typically required to file a tax return don\u2019t need take an action and will receive their payment directly to their bank account,\u201d.<\/p>\n

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate the Economic Impact Payments they will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.<\/p>\n

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