The CARES Act kicks off a massive economic stimulus effort that, among other things, could put cash directly in your pocket soon. Here’s a rundown of how much money you might get, how it will arrive and when.
The U.S. Treasury will disburse up to $1,200 per adult and $500 per child under age 17. A married couple with two kids could get $3,400, for example.
The text of the legislation says the Treasury will get money out the door “as rapidly as possible.” On April 2, Treasury Secretary Steven Mnuchin said at a news conference that money should start arriving within two weeks. This article is brought to you by Car Title Loans California.
Not everyone. There are a few hurdles.
No matter your filing status, the stimulus includes $500 for every qualifying child under 17 you might have. So even if your income exceeds the maximum above, if you have kids you might still receive some money.
Car Title Loans California offers title loans during COVID-19 too. Online title loans are a way of using the title of your car as collateral for obtaining short-term loans to sort out emergency and unplanned expenses that may arise in the course of one’s daily activities.
Many of the mechanical details are still in the works, but one method the Treasury will use — perhaps the fastest one — is the direct deposit; many people have already provided the necessary bank account information to the IRS on their tax returns.
If you haven’t filed your 2019 tax return yet, the IRS will look to your 2018 tax return for direct deposit information, according to the text of the legislation. And if you haven’t filed a 2018 return or you’re not required to file a tax return, it will look to information from the Social Security Administration.
TurboTax has created an online portal for providing your bank information to the IRS. You may need to create a TurboTax account and provide some personal and financial data. (The company tells NerdWallet the information will not be used for marketing or list management.) TurboTax says the bank details you provide are transmitted to the IRS “right away.”
Alternatively, the IRS has said it will create its online portal for this purpose. And as mentioned earlier, if your bank details are the same as they were on your 2019 or 2018 tax return, you do not need to do anything to receive your stimulus money there. Title loans are also referred to as a pink slip loan.
If you haven’t filed a tax return for 2018 or 2019, the IRS will use information from Form SSA-1099 or Form RRB-1099 to figure out what to send you. This may be the case for many senior citizens, Social Security recipients, and railroad retirees. Note that the IRS won’t have information about your dependents in this scenario, so each person will get up to $1,200 and nothing additional for any dependents.
(Previously the IRS had indicated that people who haven’t filed tax returns for 2018 or 2019 would need to file a simplified tax return so that it could get at least some information for calculating the check amount and sending it to the right place. That’s no longer the case.)
Unless you got the money fraudulently, no.
No. It’s what’s called a “refundable tax credit.”