How to spend coronavirus stimulus check if you’re struggling financially
Financial expert Chris Hogan says as Americans begin to receive their coronavirus relief checks, we should be in ‘conserve mode’ and avoid ‘any unnecessary spending.’
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Recipients of Social Security, disability or veteran benefits have until Wednesday to tell the IRS about any children eligible for $500 coronavirus stimulus checks if they want to receive the money this year.
The Internal Revenue Service said Monday that If the recipients have dependent children age 16 or under and did not file a tax return in 2018 or 2019, they need to provide the IRS with certain information by Wednesday via the non-filers tool in order to receive the $500 per child.
“If the IRS does not receive this essential information by Wednesday, their payment will be $1,200 and the $500 per child will be paid to them with a return filing for tax year 2020,” Treasury Secretary Steven Mnuchin said in a statement.
STILL NO STIMULUS CHECK IN YOUR BANK ACCOUNT? WHY IT MAY BE DELAYED
At the heart of the CARES Act is $1,200 checks for individuals who earn less than $75,000 annually ($2,400 checks for couples who earn less than $150,0000) and $500 for every child. The payments are tapered for higher-earners and phase out completely for individuals who earn more than $99,000, or couples who earn more than $198,000.
Although the $1,200 cash payments will be automatic for individuals who receive these federal benefits, the agency said it needs information from people about their dependents in order to include the $500 per child to the payments.
The IRS instructed Social Security and railroad retirement beneficiaries to use the non-filers tool to provide the agency with the necessary information, including full names and Social Security numbers; mailing address; and bank account type, account number and routing number if you want the payment via direct deposit.
WHO WON'T GET A STIMULUS CHECK?
If the individuals do not enter the necessary information by noon Eastern Time on Wednesday, the $500 payment would not be paid until they file their 2020 tax return next year.
Recipients of Supplemental Security Income will have until a later date to provide their information to the IRS.
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