Recently, some of you checked your bank account using the bank’s app or the bank’s website, and noticed that you’ll be receiving a deposit (some to the tune of $1200), the stimulus check, care of the Federal Government! Only those who have filed taxes for 2018 or 2019 will be able to receive their stimulus check. Those who chose the direct deposit option on your tax return may receive your check quicker.
It’s not too late to file a “simple tax return”. Those who are not on Social Security but make too little to owe taxes, or otherwise don’t have to file tax returns, should submit the “simple tax return.” That includes people who are homeless or recently incarcerated who may not have recent information on file with the IRS.
Filing the simple tax return requires far less detailed financial information that the typical Form 1040 that most Americans use to file income taxes. The CARES ACT that Congress passed last month and President Donald Trump signed into law authorized one-time cash payments of up to $1,200 for an individual or $2,400 for a couple who files taxes jointly, plus another $500 for parents of children 16 years or younger. Individuals who make less than $75,000 or couples making less than $150,000 qualify for the full amount.
For more information, check out the IRS website.