What you need to know about coronavirus relief checks

What you need to know about coronavirus relief checks

This past week, the US Government finally approved economic relief checks for most Americans to help them financially through the current pandemic. While there is still no timetable for receiving the checks, there has been a lot of clarification about other details regarding the payments.

Thie big question is outside of the date of the payment is how much am I getting? If you make $75,000 or less you should receive the full payment of $1200. Couples who file a joint tax return and made less than $150,000 combined will receive $2400. For every $100 you make over the $75,000 threshold, your payment will be reduced by $5. If you make more than $99,000 as an individual or more than $198,000 as a couple, you will not be receiving a payment.

If your last tax refund was sent to your bank account through a direct deposit, you’ll receive the relief payment the same way. If you receive any Social Security benefits, your payment will be received the same way. There is no form to submit and you don’t have to sign up for anything else. If you meet neither of these requirements, a paper check will be sent to your last known address. Keep in mind that paper checks may take significantly longer to get to you than direct deposit. If you’re homeless or a disabled vet, you’ll still be eligible for a relief payment but the details on how to receive your payment have not been ironed out yet. For future updates on the relief payments, you can go to the Coronavirus Tax Relief website that’s run by the IRS.

Remember, we’ve already seen scams when it comes to getting your payment. Keep in mind that the IRS will not call you about your payment and you do not have to make any payment to get your check. Anybody who says that they can get your check to you faster than usual is trying to scam you in order to get your personal information for identity theft or your financial information to steal from you. If you receive one of these phone calls, do not engage with the scammer and do not give them any information.

For most taxpayers, all you’ll have to do for your relief payment is wait.

(H/T NBC News)