American Taxpayers Can Expect As Much As $2,400 In Their Mail In Coming Weeks, IRS Announces

Eligible American taxpayers can expect checks in their mail in the coming weeks.

The IRS has begun with rolling out payments up to $1200 to help people wade through the economic downturn amid the global pandemic. Plus, American citizens need not have to wait for long as Treasury Secretary Steven Mnuchin maintained that an approximate of 80 million people are expected to get paid by Wednesday, April 16.

While there isn’t a standard payout as such, the calculation is done on the basis of adjusted gross income (AGI) as well as the payee’s social background. If an individual’s AGO is lesser than $75,000, the maximum that they can receive is $1,200. Post the $75,000 limit, the amount liable to the payee goes down by $5 for every $100 earned.

The initiative, which comes under the CARES Act, also mentions that married couples can receive up to $2400 (provided their joint AGI is less than $150,000. Families with a child (below 17 years of age) can receive up to an additional $500. Couples with a joint AGI below $150,000 and two kids, can avail up to $3,400.

The best part is that the procedure to acquire the aforementioned sums of money is pretty simple: one doesn’t need to do much, as the government bodies will do the math based on your 2019 tax return. If one hasn’t been able to file the 2019 tax return, the government will make-do with the 2018 tax return.

In a bid to streamline the process for senior citizens and people belonging to income groups, the IRS has created an online tool that helps one register their details with ease. Additionally, one can always log in onto the “Get My Payment” App to track the status of their payment.

On the downside, if you have missed out on setting up a direct deposit with the IRS, the wait is going to be longer. The intent of the American administration is to offer monetary assistance to earnest taxpayers in the face of a health crisis. Currently, the United States of America stands at 6,76,676 confirmed cases and a death toll of 34, 784. Out of which, 56, 127 cases have been recovered.