Eligible individuals who filed federal tax returns between January 1, 2020 and June 30, 2020 will receive an additional economic stimulus payment of up to an additional $3,000 to families, individuals or both. Eligible parents and single filers who have an income exceeding $99,200 and who do not have children also qualify for the additional payment.
Individuals that have filed a claim for a refund from a refunding agency are not qualified for this stimulus payment. There are three different types of payments. First, individuals receiving this economic stimulus payment are eligible to receive their additional amount on their own, after paying their taxes. Second, the government offers an option to make additional payments to qualified taxpayers.
The three types of payment are interest-free or low-cost cash payments, which are due within three months; the initial and subsequent interest-free installments; and a one-time interest-free installment that can be repaid over a ten-year period. Interest-free payment options may result in the recipient paying interest on the funds in order to pay them off. Additional payments can be made in equal monthly amounts and the total amount of the payments is limited to 25% of the original amount owed. Eligibility criteria are similar to those of other economic stimulus programs. The only difference is the length of time in which they are to be paid.
There is some variation among states in how they apply their eligibility criteria. Most require individuals to be taxpayers that file at least one federal income tax return, at least one state income tax return, and have an adjusted gross income of at least a certain amount.
There are also states that don't require an individual to receive an extra payment if they file state income tax returns. Instead, these individuals must complete an application for an additional payment that must be accompanied by a certified form from the Internal Revenue Service. Some states require that the individual submit proof that their filing status qualifies them for the additional payments. These states also require that the individual submit additional documentation or financial statements that qualify them to make the additional payments.
This additional economic program was approved to encourage families to move forward with their financial security. The additional amount of money can help cover a home payment, lower the cost of childcare or reduce the cost of college. For individuals and families who need assistance, this supplemental income can help to improve the family's standard of living.
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