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Federal Relief Bill Sending $1,200-$3,400 to Many Americans

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    Most up to date info: 2020 IRS Stimulus Checks

    UPDATE (3/29/20): Started this thread before the bill passed. So what's below is info from when they started proposing sending cash to when the bill passed and beyond. This thread should answer most all your questions about getting relief stimulus money, but I wanted to include the link above at the top so you can always see the most updated info. That page also shows how the bill expands on unemployment benefits, food stamps, housing benefits and more.


    Emergency stimulus to soar above $1 trillion

    That's the headline and there is a lot to breakdown here. But basically because of the economic catastrophe that's been caused by the nationwide shutdown, the government is putting together an emergency stimulus package that's wide reaching, in an effort to try and help as many Americans as possible, and soon.

    Here's an important exert from this article, breaking down how the funds might be allocated:

    Treasury Secretary Steven Mnuchin met with Senate Republicans behind closed doors on Tuesday to present lawmakers with options for aid to airlines, hotels, casinos and small-to-medium-sized businesses. The White House had been discussing a package of more than $800 billion, POLITICO reported Monday, and by Tuesday the Treasury Department was preparing to unveil a package of $850 billion including more than $50 billion for the airline industry, $250 billion for small-business support and $500 billion for aid to individuals through direct payments or payroll tax cuts. A senior administration official acknowledged the proposal could climb above that level, putting it above $1 trillion.


    So while its uncertain exactly what the emergency stimulus will officially do and when, its clear the government is going to take hundreds of billions of dollars of this effort and send checks directly to most all Americans.

    It's not clear how much and for what ages, etc. But I have heard it floated upwards of $1000/person. If there are 325 million Americans or so, and you have $250 billion to work with, the math is close to a grand a person. If they are working with $500 billion, obviously they can send even more per person. I have seen differing reports.. Though I would imagine anyone under 18 would get less than those 18+.

    Will update here as more details come out. But they are planning to pass this bill and send money out in as soon as 2 weeks from today. Please share any info and thoughts you have on this stimulus plan. Im happy to see action being taken.

    Do you think its enough? Is this the right way to deal with this situation? Do you think this should be a one-time thing or a monthly stimulus?

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    A video update:

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    Wow, this is big news. I wonder what the requirements and eligibility will be. I'm no too familiar with the breakdown of stimulus money to individuals, but I've seen how it works in the corporate sector. Also, I saw just last night that many airlines have been reducing their flights by sizable percentages. Delta said that they believe theirs will decrease by almost 50% in the next few months. They were also talking about possibly asking the government for a bail out if it gets that bad.
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    I have a strong feeling this is just going to be the first of many stimulus measures the Federal government will take to stem the fallout of this crisis. Never before has an entire global economy basically shut down overnight. Every single industry is going to be affected.

    It's hard to imagine the price tag of this when all is said and done, but I wouldn't be surprised if it's in the multi-trillions, especially if this is a prolonged crisis that lasts many months or years.

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    This stimulus bill is very close to passing now. Both parties and the White House are in agreement so its just a matter of finishing writing it up and officially voting.

    Currently its said that all American adults will receive a one-time check of $1200 if you make $75k or less per year. $2400 for couples that make $150k or less per year. And if you have a family of four you should expect $3,400. ($500 per child)

    It's not currently clear what you will get if you make more than that. At first they were saying you would get a little less. But I haven't come across official numbers yet.

    Anyone know of those exactly?

    Also this vid says they are looking to do direct deposits into everyone's accounts... I have zero idea how that is going to work. Please post that info here on the exact logistics if you come across it. I was at first worried of them sending paper checks and everyone scrambling to go to banks and creating massive drive thru lines. Maybe that will still happen because I find it hard to think they can simply drop this money into everyone's bank accounts in an easy and seamless way.

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    Bill officially passed today. Here's how it works.

    I think there will be a lot of logistics issues with getting 140 million households this money in a timely manner. They will first be using 2018 and 2019 tax returns for people's addresses to send checks. If you signed up for direct deposit for a refund during that time you will get the money automatically deposited into your account.

    If you don't have direct deposit on file it will be mailed to you. And if you didn't file in 2018 and 2019 yet this video does a good job of telling you your options and what you can do to ensure they know where to send the money. Also if you are currently receiving social security benefits they will directly deposit the stimulus into your account automatically.

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    Of note, they are using AGI or Adjusted Gross Income. So its not your total earnings but instead your AGI. How to calculate your AGI.
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    Very important update from the IRS on stimulus checks: Economic impact payments: What you need to know

    Basically it says you need to file a tax return for either 2018 or 2019 in order to get the relief money. And they are starting a portal in a few weeks to collect direct deposit info for people that haven't already given that info that would like money direct deposited instead of mailed out.

    Mnuchin has been quoted to saying most people receiving direct deposits already on file can expect them by April 17th.

    Also they went back and forth on if those receiving Social Security or RRB would need to file a simple tax return. And at first they said yes. But after a lot of backlash from Democrats in congress, they now say no. Here's the updated exert:

    I am not typically required to file a tax return. Can I still receive my payment?

    Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2019 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

    Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.

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    Direct deposits for about 60 million Americans will happen the week of April 13th. Should be April 15th for most people that have their direct deposit info already on file with the IRS that qualify.

    If you don't, they will start sending out paper checks based on income level, and they will do it in weekly chunks, starting April 24th. And then every week after that, sending out roughly 5 million checks a week. And that will go on until mid-August/early September, until every income level is paid.

    They are still saying they will have an IRS portal for you to give them your direct deposit info, and it is now expected to be available in late April or early May. Honestly that's what I am waiting for.

    But if you haven't filed your 2019 taxes, you still can and that's the best way for them to have all the info they need on file.

    TurboTax Just Launched a Free Stimulus Center to Help Make Sure Everyone Receives Their Stimulus Check

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    I sure hope the IRS finishes up the new portal that will allow taxpayers who haven't already signed up for direct deposit to do so ASAP. I also hope there is a way people who don't have access to the internet can do it over the phone. We have to find a way to make it as easy as possible for EVERY qualified recipient to get their money as quickly as possible.
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    JaredS Wrote: I sure hope the IRS finishes up the new portal that will allow taxpayers who haven't already signed up for direct deposit to do so ASAP. I also hope there is a way people who don't have access to the internet can do it over the phone. We have to find a way to make it as easy as possible for EVERY qualified recipient to get their money as quickly as possible.
    There are two portals. I posted a thread outlining all the details --

    IRS Portal to Get Stimulus Checks Direct Deposited

    For those without internet, that is a good point. Seems next to impossible to get an actual human on the phone that can help right now, and looks like it will remain that way for the foreseeable future. I'm guessing the next few months.

    If you know someone without internet access that should qualify for the stimulus check and can't wait for a paper check in the mail or might otherwise fall through the cracks, give them a call and try and help them out. Obviously they won't be reading any forums so they will be largely in the dark on all their options.