Congress planning to send taxpayers $1,200 checks in coronavirus aid. How to get yours
“The last time stimulus checks were sent out, U.S. citizens living abroad did receive them,” said David McKeegan, co-founder of Greenback Expat Tax Services. “I would assume that this time it would be the same, but we won’t know until we see the [IRS] guidance.”
One requirement for receiving the payments is you need to have a valid Social Security number.
Some individuals are specifically excluded from receiving relief checks. That includes nonresident aliens, individuals whose deductions can go to another taxpayer, and estates or trusts.
If you didn’t yet file a 2019 return, the government will use your 2018 information if it has it. It also may use a 2019 Social Security benefit statement, or Form SSA-1099, or the Social Security Equivalent Benefit Statement, or Form RRB-1099.
More from Personal Finance:
How to get fast cash during the coronavirus pandemic
Congress may let you skip mandatory withdrawal from retirement accounts
Why staying invested in a downturn can help your 401(k) recover faster
More important, the money will not be counted as taxable income. It will be considered a credit, so you can deduct the sum against your future taxes.
The legislation calls for sending out the payments “as rapidly as possible.” Eligible individuals will receive the funds electronically if they previously authorized refunds to be delivered to them that way. Otherwise, they will be sent out via postal mail.
Congress’ coronavirus relief bill would also significantly expand unemployment benefits for Americans who lose their jobs due to the country’s recent economic contagion.
Self-employed workers, those seeking part-time work, and workers who quit their job or can’t reach their place of work as a result of COVID-19 are among those eligible for benefits.
Article source: https://www.cnbc.com/2020/03/25/congress-to-send-taxpayers-1200-checks-in-the-wake-of-coronavirus.html