To prevent the spread of coronavirus, businesses across the U.S. have had to shutter their doors. As a result, many people have lost their jobs and sources of income. The economy has come to a screeching halt. In response, government officials crafted a stimulus bill. The bill aims to provide $2 trillion in relief funds to help businesses and individuals during this difficult time. However, the eligibility requirements for the coronavirus stimulus package remain ambiguous. To help clear up confusion, our Oklahoma social security lawyers want to help. Here is who will be receiving COVID-19 stimulus checks and how much Oklahomans can expect to receive.
What Will the Stimulus Bill Provide for Oklahoma Residents?
The stimulus bill, included in the federal CARE Act, will provide direct cash payments to Americans. Eligible taxpayers may receive up to $1,200 individually, or $2,400 if married. Parents will receive an additional $500 for each qualifying child.
To determine eligibility for the coronavirus stimulus checks, the IRS will examine your 2019 tax return. If you have not filed your taxes for the 2019 fiscal year, the IRS will use your 2018 return instead. These forms will contain your filing status and adjusted gross income for that year. Using this information, the IRS will determine your stimulus payment as follows:
- If you filed individually and this figure sits at or below $75,000, you will receive the full payment of $1,200.
- For married couples, if this figure is $150,000 or less, you will receive the full $2,400.
- If you filed individually and your adjusted gross income sits between $75,000-$99,000, you will receive a reduced stimulus check. For every $100 made over $75,000, the IRS will reduce the stimulus payment by $5.
- Married couples with an adjusted gross income between $150,000-$198,000, will receive a reduced check.
- Individual tax filers whose income exceeded $99,000, or $198,000 if married, for that fiscal year will not receive a stimulus check.
How Will the Coronavirus Stimulus Bill Affect My Disability or Social Security Benefits?
Low-income individuals, senior citizens and people with disabilities are not required to file a tax return. This led to confusion since the IRS will use tax returns to determine stimulus bill eligibility. At first, the IRS asked these groups to file simple tax returns as a solution. However, the Treasury Department has since reversed that request. Now, recipients of Social Security and disability benefits will receive stimulus checks automatically. But, they must still meet the income limits stated above. Instead of tax returns, the IRS will look at Form SSA-1099 and Form RRB-1099 to determine payments.
When Will I Receive My Coronavirus Stimulus Check?
The IRS reported sending the first wave of coronavirus stimulus checks on April 11th. These first checks went to taxpayers who set up a direct deposit when they filed their 2018 or 2019 returns. Distribution of stimulus checks will continue over the next few weeks or months. However, people who have not authorized direct deposit or do not receive Social Security benefits can expect delays. Paper check distribution will begin around the week of May 4. Low-income households will have priority.
The IRS also expects to have an online tracking tool ready by April 17th. The Get My Payment tool will show when your payment should get mailed out or deposited into your bank account. If your check is missing for 15 days past the scheduled date, you can report it missing. The Get My Payment tool should also provide instructions for reporting missing checks.
Questions About How the Stimulus Bill Will Affect You? Contact Our Oklahoma Social Security Lawyers
COVID-19 has upended many aspects of our daily lives. While unfortunate, we must also address the economic fallout of the coronavirus pandemic. Fortunately, the IRS and Treasury Department have not forgotten people with disabilities. If you have further questions or concerns about COVID-19 and your benefits, contact our Oklahoma social security lawyers today. You can schedule a free consultation at (918) 587-0050.