Coronavirus stimulus cash: How veterans will get their payments
Treasury is working with VA to make process as seamless as possible
Financial expert Chris Hogan says as Americans begin to receive their coronavirus relief checks, we should be in ‘conserve mode’ and avoid ‘any unnecessary spending.’
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The Treasury Department released new guidelines Friday for veterans awaiting their economic impact payments from the federal government.
Treasury said it has partnered with the Department of Veterans Affairs in an effort to make sure veterans and their beneficiaries who do not regularly file taxes receive the money automatically.
“Economic Impact Payments will be issued automatically to our Veterans and their families who did not file tax returns for 2018 or 2019,” Treasury Secretary Steven Mnuchin said in a statement. “The Treasury, IRS and VA are working hard to ensure our nation’s heroes receive these payments quickly and without any additional action or paperwork.”
WILL CORONAVIRUS CRISIS SPARK FRESH EXODUS FROM HIGH-TAX STATES?
There will be no interruption in the process for veterans who have already uploaded their information via the IRS’ non-filers tool.
Other groups who may not normally file taxes but who also will not need to take any action in order to receive their payments include Social Security beneficiaries and Supplemental Security Income recipients.
However, SSI recipients with dependent children should still use the nonfiler portal on IRS.gov in order to provide information to receive the money for their dependents.
CORONAVIRUS STIMULUS CASH: SSI RECIPIENTS RECEIVE NEW GUIDANCE
Confusion arises because some people are not required to pay taxes each year – and the IRS has said it will look at adjusted gross income listed on federal tax returns in order to determine which individuals and couples should be awarded a benefit.
The payments are $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.
Direct deposits began hitting Americans’ accounts this week, and paper checks are expected to be processed starting next week.
For those who normally receive paper checks, the IRS unveiled a web page Wednesday that allows them to upload their direct deposit account information in order to receive their cash electronically.
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The relief is intended to hold Americans over until the U.S. economy is up and running again – the federal government and state governments have made the decision to shut down many businesses in an attempt to limit human-to-human contact. As a result, many people have either found themselves without a job or with reduced hours.
For more information on the payments, click here.