$1,200 checks should arrive next week

Posted on April 8, 2020

Residents could receive a $1,200 “emergency economic impact payment” as early as next week as part of a $2 trillion federal stimulus package signed into law March 27 to offset the economic damage during the coronavirus (COVID-19) pandemic.

The checks, which are tentatively scheduled to be directly deposited to 2018-19 tax-filers by April 15, will be a much-needed relief for many Taylor Countians, as seveal businesses have been forced to either cut hours, lay-off employees or close their doors entirely due to the coronavirus.

Individuals who made less than $75,000 in 2019 will be eligible to receive a one-time payment of $1,200, while couples who filed joint taxes and made less than $150,000 will be eligible for $2,400. “Head of household” filers who earned $112,500 or less will also qualify for $1,200.

For each child in the household, filers will receive an additional $500.

The relief money will be directly deposited to people who have been paying taxes since 2018 and those who have received Social Security benefits in 2019. Those who do not receive their tax refund by direct deposit will receive the payment as a check mailed to their last known address.

Disabled veterans who do not pay taxes, those who are homeless, those who were recently released from prison and those who previously made too much money to qualify but have since been laid-off will be eligible to apply for a relief payment under a system the IRS is currently creating.

The one-time payment is not taxable and does not have to be paid back.

Subscribe to our e-Edition and read the rest of the story. Already a subscriber? Click here to sign in.