BUFFALO, N.Y. (WBEN) – As Americans eagerly anticipate receiving $1,200 from the federal government to help pay for the bills during the coronavirus pandemic, there are some groups that will not receive the funds.
Many college students, including recent graduates that are employed, are among the groups that are ineligible for the funding.
Esther Gulyas of EG Tax said they can't receive the money because many of them are dependents.
MORE: IRS ANSWERS FREQUENTLY ASKED QUESTIONS ABOUT THE STIMULUS CHECKS
READ MORE: WHAT YOU NEED TO DO TO GET YOUR STIMULUS CHECK
Parents are eligible to receive $500 for the first two children according to Gulyas. However, some children do not apply. According to the bill, any child over the age of 16 is not eligible for the $500 in funding.
$1,200 will go to any individual making an adjusted gross income of less than $75,000. $2,400 will go towards any married couples making less than $150,000 that file jointly. The rebate gradually declines for individuals making up to $99,000 and for couples up to $198,000
"You've got to pay attention to your earnings based on either 2018 tax return you filed or the 2019 if you have filed it already," Josh Moshides, President of Moshides Financial Group, said.
Moshides spoke in-depth about what small businesses need to know about the stimulus bill. Specifically, he said they'll need to act fast in order to get relief in the form of a loan from the federal government.
As for the stimulus payments to Americans, most people don't need to do anything to get the money. But some — including senior citizens and low-income people who might not traditionally file tax returns — do need to take action. People behind on filing their taxes might also want to get caught up.
WHAT DO I HAVE TO DO TO GET THE CHECK?
For most people, nothing.
The money will be directly deposited in your bank account if the government has that information from your tax return. If you haven't filed your 2019 taxes, the government will use information from your 2018 taxes to calculate your payment and determine where to send it. It can use your Social Security benefit statement as well.
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I DON'T USUALLY HAVE TO FILE TAXES. DO I STILL GET A PAYMENT?
Yes. People who are not required to file a tax return — such as low-income tax payers, some senior citizens, Social Security recipients, some veterans and people with disabilities — will need to file a very simplified tax return to receive the economic impact payment. It provides the government basic details including a person's filing status, number of dependents and direct-deposit bank information.
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I HAVEN'T FILED MY 2018 OR 2019 TAXES. WILL I STILL GET A PAYMENT?
Yes, but the IRS urges anyone required to file a tax return and has not yet done so for those years to file as soon as possible in order to receive an economic impact payment. Taxpayers should include their direct-deposit banking information on the return if they want it deposited in their account.
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I DIDN'T USE DIRECT DEPOSIT ON MY TAXES, WHAT CAN I DO?
The government will default to sending you the check by mail if you did not use direct deposit.
However, IRS and Treasury say that they will develop an online portal in the coming weeks for individuals to provide their banking information so that they can receive the payments immediately instead of in the mail. It has not yet set a deadline for updating that information.
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WHERE DO I DO THIS?
The IRS and Treasury say the website irs.gov/coronavirus will soon provide information about the check, including how people can file a simple 2019 tax return.
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I NEED MORE TIME TO FILE MY TAX RETURNS. HOW LONG DO I HAVE TO GET THE PAYMENT?
The IRS says people concerned about visiting a tax professional or local community organization in person to get help with a tax return should not worry. The economic impact payments will be available throughout the rest of 2020.
