Some residents who have banking information on file with the Internal Revenue Service have already received economic relief checks via direct deposit, according to a tweet sent out by the IRS April 12. Some are expected to be direct deposited April 15 in Watonga. “That’s good news for people,” said Jared Rother, an officer at Cornerstone Bank.
The money, a one-time payout, is intended to help Americans who have been impacted by the Covid-19 shutdown of the nation and its economy.
Taxpayers, those who are on Social Security or receive other retirement payments such as railroad benefits and use direct deposit don’t have to do anything else except check their accounts to see when the deposit is made.
The payments are based on either 2019 income taxes, if they have been filed already, or 2018 if the citizen has not yet filed 2019 taxes. Those who show less than $75,000 individually or less than $150,000 as a couple filing jointly will receive $1200 each or $2400 as a couple. For each child in the household less than 17 years old, there will be an additional $500. The maximum payment is $3400.
As reported income increases, the amount of the payment decreases. Anyone making more than $99,000 or couples bringing in more than $198,000 with no children will not receive a payment.
The official line is that the IRS is working as quickly as possible to get the cash in the hands of citizens, but there could be a considerable wait if there is no direct deposit information on file.
To deal with that lack of information, a web tool was set up on April 10 so that those who don’t file tax returns can receive payments and another is scheduled to launch so those who opt for a paper check for refunds from the IRS can enter the required information for direct deposit of their stimulus check.
Even though the checks may not be in the mail yet, businesses are already vying for a piece of the pie. Many small, locally owned companies are posting on social media and their own websites that the money will help them stay afloat during the shutdown, whereas big box retailers and mega websites are more apt to survive without citizens spending stimulus dollars there. Additionally, there are multiple messages reminding recipients the money ideally will be spent with American companies, rather than those who are based overseas or do the largest part of their manufacturing and business in other countries.
Connie Burcham can be reached at Editor@WatongaRepublican.com