BOSTON — The IRS released an online form today that allows Americans to upload their bank account information so they can get their coronavirus stimulus payments quickly.
This is a top story on our website among viewers requesting more information.
Boston 25 News Reporter Crystal Haynes asked CPA and financial advisor Mark Nichols, of Landmark Financial Services Group for some answers.
Crystal Haynes: The biggest question is will everybody get a stimulus check?
Mark Nichols: No, not everyone gets a stimulus check. It really is income dependent. So, joint-filer if you’re 150 or below it’s a full deposit. 150-198 it’s a partial and anything above 198, no deposit. The IRS say single filers who make 75-thousand dollars or less, get a full deposit of 1200-dollars from the federal government’s stimulus package. Those making over 99 thousand will not be eligible for the benefit.
CH: Do you have to apply for a stimulus check?
MN: That’s a great question. the answer is no. The irs has been directed to make those payments directly to you. and as i understand it, I was just reading my library this morning, those have gone out to millions of people already.
CH: What about dependents?
MN: Do you get 500 bucks a dependent? That’s right. that’s exactly right. that’s what it is. so it’s 500 dollars per dependent that’s under the age of 17.
CH: If you don’t qualify for a stimulus payment this year, you could be eligible for a benefit when you file next year if you’ve lost income, according to Nichols.
MN: You may have had a really good year in 2019, but you’ve been furloughed, you’ve been laid off and now you’re collecting unemployment at much less than you used to make. So I would expect those people who don’t get the check this year, will get a credit on their return when they file it next year.””
Experts say there is also nothing you really can or need to do in order to receive this benefit.
The federal government will determine whether you get a check and disburse it, but the process could take several weeks.
For more details, go to irs.gov.