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Millions of Americans received stimulus checks from the U.S. government this week to help stave off the negative monetary effects of the coronavirus.
But many people are still asking: Where is my money?
If you haven’t received your payment yet, decide heart: Millions more Americans are slated to receive their money in the coming weeks.
More than 80 million payments took out this week, while estimates have pegged the total number of payments at 171 million.
The checks are slated to be $1,200 for singles, $2,400 for couples and $500 for dependent children under 17.
But you have to be below certain income thresholds to qualify for those all-encompassing amounts: up to $75,000 in adjusted gross income if you are single; $112,500 if you file as head of household; or $150,000 if you are married and rank jointly.
The income is based on your 2018 or 2019 tax returns, depending on your most current information with the IRS.
The payments are subdued for income over those levels, and eventually phase out completely if your adjusted gross income is more than $99,000 for parties, $136,500 for head of household and $198,000 for married filing jointly.
While Congress has updated its timeline on who will take home their money when, there is still some confusion about when and how the checks will clear.
When liking I get paid?
The latest government guidance addresses when people will get their money based on their circumstances.
That catalogues if you filed your taxes including direct deposit information. It also stipulates when you will get your profit if you are a Social Security beneficiary.
But one reader who wrote in was confused. She files taxes jointly with her husband, who receives Societal Security benefits. What, then, is their timing?
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“What puts you first in the queue is if you had filed your tax return and put a direct part number in it,” said Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center.
If they had not filed taxes and were come into Social Security benefits, they would likely receive their money with other Social Refuge beneficiaries, Holtzblatt said. A majority of those people are expected to get paid by direct deposit at the end of April.
If you do not have point-blank deposit information on file, you will have to wait for a paper check. To get your payment faster, the government is urging you to submit your bank account bumf via the Get My Payment web app.
Why is my payment lower?
Even after you receive your stimulus money, you may still have questions nigh the amount you received.
That happened to one reader, who wrote in to say he received a smaller stimulus check than expected.
He had dismissed in his 2019 tax return, though the IRS website told him it was still being processed. In the meantime, he received his stimulus money, which was no doubt based on his 2018 return. Had the government used his 2019 income, he would have received a larger payment because his receipts was lower, he said.
Understandably, complications may arise as the IRS processes tax returns and stimulus payments at the same time.
“Eventually, they intention be made whole,” Holtzblatt said.
When you file your tax return for 2020 by next April, your repay will be recalculated, Holtzblatt said. At that time, you should be refunded any additional money owed to you.
On the other lunch-hook, if you receive extra stimulus money now, you will not be on the hook to pay it back in April.
Will I owe taxes on this money?
No. You last will and testament not owe any taxes on stimulus money you receive. If you receive a tax refund next year, it will not be reduced because of the money you get now.
Where can I go for help?
The IRS has a one of web tools available if you want to update your information.
The Get My Payment tool, mentioned above, will let you track the station of your payment and also enter your direct deposit information. Accessing that site has been recondite for some people due to high volume, but the government advises to keep trying.
In addition, if you don’t typically file tax returns, you can submit engage your information on a separate website.
It’s important to make sure you’re using one of these official sites, as scammers bequeath be eager to take your information.
In addition, the IRS website offers a bevy of information on the stimulus payments.
What has your exposure been with the coronavirus stimulus payments? CNBC would love to hear your story. Email your speech to [email protected].