Coronavirus Economic Stimulus Payments: What You Need To Do In MA

BOSTON — In the next three weeks, most Americans are expected to start receiving payments that are part of a nearly $2 trillion economic stimulus package approved by Congress and signed into law by President Donald Trump last week. The package is intended to mitigate the economic effects of the new coronavirus outbreak on Americans, small businesses and corporations.

But with so much money in the pipeline, questions remain: What is the government using to determine eligibility? Do we need to apply to receive a payment? Where will the payment go once it's sent?

The Internal Revenue Service and U.S. Treasury released guidance this week on the economic stimulus package that explains what Americans should expect and what they need to do to receive their payments. Most won't need to do anything. But just in case, here's a checklist of questions you may not have thought of and others you may already be asking:

When will the money arrive?

NBC News reports Thursday that the first checks will arrive the week of April 13 for about 60 million Americans but some folks may have to wait up until five months to get their money, especially if the government doesn't currently have your direct deposit information.

Paper checks will take much longer to send out and won't be mailed until early May, NBC News reports, while adding it could take five months to mail them all out.

Do I need to file a tax return to receive a stimulus payment?

Yes, and while most of us won't need to worry about this requirement, some groups of Americans — including low-income taxpayers, senior citizens, some veterans and individuals with disabilities — typically don't file tax returns.

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Originally, Social Security recipients were among those required to file a return to receive the stimulus payment; however, in response to backlash from both sides of the political aisle, the U.S. Treasury announced Wednesday that Social Security recipients are now exempt from the tax return requirement, according to The Washington Post.

Finally, anyone who was required to file taxes for 2018 and 2019 and hasn't done so yet should do so right away.

Am I eligible for the economic stimulus payment?

Eligible 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. Parents also receive $500 for each qualifying child.

Tax filers with an adjusted gross income of up to $75,000 for individuals, and $150,000 for married couples filing joint returns, will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the thresholds.

Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible to receive the payment.

Do I need to let the IRS know where to send payment?

No. For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who haven't filed a 2019 return, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

What if the IRS doesn't have my direct deposit information?

In the coming weeks, the U.S. Treasury plans to roll out a web-based portal for people to provide their banking information online.

If I still need to file a tax return, how long will stimulus payments be available?

Payments will be available throughout the rest of 2020, according to the IRS.

Is there a place I can find more information?

The IRS posts all key information on IRS.gov/coronavirus as soon as it becomes available.

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Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).