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Reasons Why Your Second Stimulus Check Might Be Delayed

Published in 미분류.

Reasons Why Your Second Stimulus Check Might Be Delayed
If you are a U.S. citizen or resident alien who is not eligible to be claimed as a dependent on someone else’s tax return, you will likely automatically receive a stimulus payment. Most people will receive the second stimulus check the same way they got the first — either by direct deposit, paper check, or debit card.

Dependents who are 17 and older are not eligible for the child payment. The only exception to this is if a payment was made to joint filers and one of the spouses is still alive.

If you are required to file taxes but did not file in 2018 or 2019, you can find free filing options through the IRS Free File Site or United Way’s MyFreeTaxes, or Accounting Aid Society’s virtual VITA ACE program. Parents cannot claim the $500 tax credit on children who are 17 or 18 years old at the end of the tax year.

In addition, the check is not seen as an advance on your 2020 tax refund, as they are entirely distinct from one another. That means college students and senior citizens who are under the care of a taxpaying adult will not be getting checks, just like the first round. For those who don’t receive a direct deposit by early January, they should watch their mail for either a paper check or a debit card, the IRS said.

But many expats had trouble obtaining their payments during the first round. To speed delivery of the payments to reach as many people as soon as possible, the Bureau of the Fiscal Service, part of the Treasury Department, will be sending a limited number of payments out by debit card. Treasury sent out the first stimulus check payments, made possible by the CARES Act, to over 160 million individuals, but fewer people are expected to receive a second stimulus check.

In addition, those with qualifying children will also receive $600 for each qualifying child. The $600 that parents receive for each child under 17 is subject to the same reduction.

Many large banks, however, have stated that they will bring customers’ bank balances to zero, temporarily, so that customers can access their stimulus checks. Single people who make over $75,000 will have their checks reduced by 5% of the amount over $75,000, and married people who file joint returns will have their checks reduced by 5% of the amount over $150,000.

If this describes your situation, you only need to return the decedent’s half of the money. Most parents claim their 17-, 18-, and 19-year-olds on their tax return, but these children are counted as “other dependents,” and parents will not get an additional $600 for these children in their stimulus check.

The IRS is relying exclusively on income and bank account information previously submitted via a 2019 tax return or in connection with the first round of Economic Impact Payments. Single tax filers with adjusted gross income up to $75,000 and head-of-household filers with adjusted gross income up to $112,500 will receive the full payment of $600, plus $600 for each eligible child. Checks will be mailed out to the lowest-income individuals first and later waves will be staggered based on income as well.

If your bank account is overdrawn because of overdrafts or outstanding fees, your bank may take part or all of your stimulus check to bring your account even. Despite this, these teenagers will still not be able to collect a stimulus check on their own as long as they are claimed as “other dependents” on their parents’ tax return. The COVID-19 legislation was combined with an end-of-year spending bill and sent to President Trump, who then made a surprise demand for Congress to up that amount to $2,000 stimulus checks.