LAS VEGAS (KLAS) — Many Americans will be receiving $1,200 from the federal government following the passage of a $2.2 trillion dollar stimilus package to help as the country deals with the COVID-19 pandemic.
Just last week, unemployment claims in the U.S. and Nevada soared as companies temporarily closed and employees were laid off.
Many are wondering how soon they might receive the money. The distribution of the checks is to begin in the next three weeks and the fastest way to get the money is through your bank account’s direct deposit.
The Internal Revenue Service is now urging people who have not filed, such as seniors, in the past two years, to submit a simple tax form.
According to the IRS which is distributing the money, if you filed an electronic claim in 2018 or 2019 and supplied your bank account information for a refund, you shouldn’t have to take any action. If the IRS doesn’t have your direct deposit information, it will be setting up an online web-based portal in the coming weeks for individuals to provide their banking information.
However, if you do not file a tax return. For example, low-income taxpayers, senior citizens, Social Security recipients, some veterans or individuals with disabilities, you will need to file a simple tax form that will include basic information including your bank account’s direct deposit.
If you can’t file a tax form at this time, the stimulus money will be available through the end of 2020.
Just a reminder, the amount of money you will received will be based on your 2019 tax form. If you have not filed yet, your 2018 form will be used.
Tax filers with adjusted gross income up to $75,000 for individuals will receive $1,200. Married couples with an adjusted gross income of $150,000 who file joint returns will receive $2,400. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Parents will also receive $500 for each qualifying child. Individual tax filers with an adjusted gross income of $99,000 or $198,000 for joint filers will not receive any money.
You can find additional information on the IRS website at this link.