Did you receive a $ 500 incentive check from the IRS this week?
Here you need to know – And it may not be what you think.
You may be surprised to find a $ 500 incentive payment in your mailbox or bank account. No, this is not the second stimulus check, which Congress has not yet approved. Is part of First promotion check And it is related to dependent payment. The first incentive check or economic impact payment was part of the CARS Act, a $ 2.2 trillion stimulus package passed by Congress in March. The IRS sent this week’s check as part of the first incentive check for dependent payments of up to $ 500 that some Americans had not previously paid. The IRS sent a check in one of two ways starting on these dates:
Direct deposit: August 5, 2020
Paper check: August 7, 2020
Under the CARS Act, if you are under 17, you can receive up to $ 500 for each dependent, assuming you are eligible for the first incentive payment. To qualify for checks of up to $ 1,200 for individuals and up to $ 2,400 for married / joint filers, you will need to have a gross income of over $ 75,000 for individuals and $ 150,000 for married / joint filers for 2018 or 2019. was needed. If your income is less than $ 99,000 for individuals and less than $ 198,000 for married / joint filers, you may receive direct payments with a reduced amount.
Who received this $ 500 check?
If you receive this check, it may come as a surprise. reason? You do not need to file a tax return to provide information for your dependent children age 17 and younger and the non-filler tool can be used on the IRS website. According to the IRS, if you entered this information before May 17, 2020, you will now receive a check. If you have provided this information to the IRS after May 17, you are already likely to receive your dependent payment with your first incentive check.
How will you get dependent payment?
You may be wondering if you will get a check in the mail or directly through deposit. It depends on how you got your first incentive check. For example, if the first check was sent via direct deposit, you would receive the dependent payment directly to your bank account. Similarly, if you have received a paper check, then your dependent payment will also be provided through a paper check.
Will I receive a dependent payment?
There is a way to check if you are not sure whether you qualify for dependent payment for the first incentive check. You can use the Get My Payment tool on the IRS website, which can tell you the status of your dependent payment. Like the non-filler tool, the Get My Payment tool is free to use. Under the Care Act, dependent payments were only available to dependents 17 and younger, meaning that many high school students, college students, and adult dependents were not eligible for pay.
Can I get a stimulation check?
You might be thinking: “When will i get another incentive checkTheIf you have received the first incentive check, including dependent payments, you may be thinking of a second round of incentive payments. There have been several proposals for the second round of checks, but Congress has not approved the incentive check. Congress broadly agreed to a second round of incentive payments, although there are four main plans for a second stimulus check. Congress has in principle agreed to an incentive check of $ 1,200 as much as the CARS Act, although no decision is final until congressional legislation is passed. However, Republicans and Democrats are yet to agree on the stimulus package. This led to President Donald Trump signing executive orders for payroll tax cuts, unemployment benefits, eviction bans and student debt relief.
Will you get a second stimulus check through Trump’s executive order? Trump supports a second round of direct payments and even second incentive checks can exceed $ 1,200. However, his Executive orders do not include any check. This means that Congress can pass legislation to send payments directly to you. While Congress has not agreed to the dollar amount of the dependent amount, Congress agreed in principle to waive the age limit so that dependents of any age – including high school students, college students, and adult dependents – depend. To qualify for payments.
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