#Stimulus payments are on the way

#Stimulus money, everyone could use some of it.

There’s so many reports out there, it’s hard to find out what’s real and what’s not.

We took a look at the I.R.S. website and monitored their tweets to compile the following information. We certainly hope it helps!

The I.R.S. says money on the way so it must be true.

This past Saturday, the IRS tweeted that the first Economic Impact Payments have been deposited into taxpayers’ bank accounts.

The payment will continue throughout the week for those who chose direct deposit for their 2018 and/or 2019.

If you didn’t set yourself up for direct deposit (of your tax refunds), it could take up to months for you get the dough via snail mail.

The IRS is directing those who don’t use the online tool to make sure they’re included, excluding social security recipients and railroad retirees.

So who gets money from the Corona Virus Stimulus Payment?

  • If you made less than $75,000 in 2019 will be eligible for the full payment of $1,200.
  • Couples who filed jointly and made less than $150,000 will get $2,400. An individual who filed as “head of household” and earned $112,500 or less gets $1,200.
  • Every child in the household will receive $500.
  • Anyone making over $75,000, will see their payments reduced by $5 for every $100 of income that exceeds the limits. The payment decreases to zero for an individual making $99,000 or more or a couple making $198,000 or more.

The maximum payment for a family of four is $3,400 and best of all, the payment will not be taxed!

Even those who owe back taxes or have another government payment, you still get the money.

For those who do not have a tax filing obligation…

If you owe back child support you may see a reduction or no check at all.

For updates or any questions you may have on the Economic Impact Payments please visit www.irs.gov/coronavirus

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