LOUISVILLE, Ky. (WAVE) - Americans everywhere are saying, “Show me the money.”
Treasury Secretary Steve Mnuchin said direct deposits should begin by April 17. Millions of Americans are now waiting for badly needed assistance from the stimulus bill.
“Social Security recipients who are not typically required to file a tax return do not need to take an action and will receive their payment directly to their bank account,” Mnuchin stated.
The announcement is a reversal from information given earlier when the Internal Revenue Service said everyone would need to file some sort of tax return in order to qualify for the payments. The IRS initially reported Social Security recipients who do not normally send in a return would need to file a “simple” tax return, which would be made available online. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.
Here are some other key notes of the stimulus bill:
· Tax 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.
· Parents with children who are 16 years old and younger will receive $500 per child.
· If you are on unemployment assistance, you will get another $600 per week on top of the amount your state already pays.
· The income levels are based on tax returns for 2019. For those who have not yet filed their taxes this year, it will be based on 2018 returns.
· Most people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.