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Sat Mar 28, 2020, 02:23 AM

No promises on when coronavirus checks are coming

Show me the relief money – no promises on when coronavirus checks are coming, MPR News, March 27, 2020

But despite promises that the one-time funds will be distributed "within the next three weeks," it will likely be months before the stimulus checks hit bank accounts according to experts.

Under the plan, single people earning incomes below $75,000 will receive as much as $1,200 as "direct payments into most people's deposit accounts," Treasury Secretary Steven Mnuchin said at a news briefing on Wednesday.

Married couples would get $2,400, and parents would receive $500 for each child under age 17. About 90 percent of households — approximately 165 million — would benefit from the checks, according to the Tax Policy Center.

... "I don't think physical checks will be in the mail for another three to four months," Pomerleau said, citing delays in the system in 2008 when the government last issued national stimulus payments under the George W. Bush administration.

More: https://www.mprnews.org/story/2020/03/26/npr-show-me-the-relief-money-no-promises-on-when-coronavirus-checks-are-coming


Some more info in my words:

It says the IRS will be handling this, and so people who have given direct deposit information to the IRS will likely see the money first.

Janet Holtzblatt, a senior fellow at the Tax Policy Center, suspects the IRS's infrastructure, or lack thereof, will create even more delays ... In the past it has taken several months for the government to develop, test and install the kind of software necessary to launch a rebate program

But the IRS has been closing down some service-critical missions—including return processing—and closing some facilities in response to states' stay-at-home orders.

And all this on top of their tax return processing season.

Progree reminder: federal tax returns aren't due until July 15, likewise payments for taxes due April 15 are now due July 15. But I think estimated tax payments due April 15 are still due April 15.

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Reply No promises on when coronavirus checks are coming (Original post)
progree Mar 2020 OP
LuckyLib Mar 2020 #1
progree Mar 2020 #2
progree Mar 2020 #3

Response to progree (Original post)

Sat Mar 28, 2020, 03:16 AM

1. The real question people should be asking is "When is CV coming to a neighborhood near me?"

The Trump pay to live checks will take weeks if not months. The IRS is a slow moving ship.

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Response to progree (Original post)

Sat Mar 28, 2020, 06:07 PM

2. About those stimulus checks that Trump wants his signature on ...




Steven Beschloss@StevenBeschloss·2h
I assume Trump wants to sign the coronavirus checks because he’s always thought writing a check is a way to shut someone up after he screws them.


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Response to progree (Original post)

Mon Mar 30, 2020, 08:11 PM

3. Surprise / Shock! The stimulus checks are tax free

https://www.marketwatch.com/story/im-retired-and-claim-social-security-do-i-still-get-the-1200-stimulus-check-2020-03-27
I’m retired and claim Social Security — do I still get the $1,200 stimulus check?, MarketWatch 3/29/20

... The checks, which are nontaxable, will be based on 2019 tax returns if they’ve already been filed (though the deadline has been delayed to July 15), and for those who have yet to send in their returns, 2018 figures. The checks are based on all income, which means retirees, Social Security and those who claim other benefits, such as Supplemental Security Income, are eligible. The government can use a beneficiary’s Social Security statements to calculate the check amount if a person did not file taxes — and send the check based on the information on file, according to AARP. ...

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