The Senate just passed a $2 trillion dollar stimulus package to help our country cope with the impact of COVID-19. The stimulus bill provides a bridge to help workers get through this, including boosted unemployment benefits, cash payments to families, and loans and loan forgiveness for small businesses. Here are some things that all Rhode Islanders should know about the bill:
Q: Will I get a check?
A: Rhode Islanders who file taxes in 2018 or 2019 or receive Social Security benefits will qualify if they meet income requirements.
Q: What are the income requirements?
A: The rebate amount starts phasing out at $75,000 for a single filer, $112,500 for a head of household, and $150,000 for joint filers. Filers who are under this amount will receive the full rebate. Single filers with an income between $75,000 and $99,000 will receive a partial rebate. Single filers over $99,000 will not receive a rebate. Joint filers with an income between $150,000 and $198,000 will receive a partial rebate. Joint filers with an income over $198,000 will not receive a rebate. Heads of household with income between $112,500 and $146,500 would receive a partial rebate. Heads of household with an income over $146,500 will not receive a rebate.
Q: How much will I get?
A: A single filer who is eligible for the full amount will receive $1,200. Joint filers eligible for the full amount will receive $2,400. If you have children, you will also receive $500 per child. So as an example, a family of four eligible for the full amount will receive $3,400. ($2,400 + $500 x kids.)
Q: How do I get the rebate?
A: If you filed a tax return in 2018 or 2019, or you receive Social Security benefits, you will receive the rebate automatically. If you provided bank account information to receive your tax refund as a direct deposit, you will receive your rebate that way. If you did not provide information for direct deposit, you will be mailed a rebate check to the address provided on your 2018 or 2019 tax return, whichever you filed most recent. If you did not file in 2018 or 2019 but you receive Social Security benefits, you will receive the rebate the same way you receive your Social Security benefit.
Q: What if I don’t get Social Security benefits, and I also didn’t file in 2018 or 2019?
A: You will need to file a return to receive your rebate. You can find out how to file a return for free at irs.gov.
Q: How soon will I get this rebate?
A: Congress directed the IRS to send the rebates as rapidly as possible. With that said, it could still take a month or longer. The fastest way to receive your rebate is if you already filed a tax return and provided your direct deposit information. If you have not done that, you should file as soon as possible. For information, including potentially free options, go to irs.gov.
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