What President Trump’s economic relief plan means for taxpayers

BILLINGS, Mont. — The components of President Trump’s economic relief plan include expanded unemployment coverage, student loan changes and most notably, a stimulus payment to individuals.  The one time payment will be for $1,200 for each individuals with any qualifying child under the age of 16 to receiving a $500 payment.

Stimulus payments will be delivered either by paper check or by direct deposit based on bank information on your 2019 taxes.  For those who have not filed in 2019, the information will be based off of your 2018 taxes.

Becky Spencer of laser 1040 in Billings has received many questions from tax payers about who will get paid. Spencer says “a lot of people are worried they won’t get money because they haven’t filed a tax return, but if you’ve gotten social security or railroad retirement, they already have your bank account information and everything.  You’ll be getting the money right along with the people that filed returns.”

Whether or not you receive the full stimulus amount will depend on your income.  Single adults with an adjusted gross income of under $75,000 will receive the full payment.  Married couples with no children will receive $2,400 and for those filing as a head of household, they will receive the full payment if they make less than $112,500.  For those who earned over those amounts, you will still receive a portion of the stimulus check.

The stimulus plan will not help people who are ineligible this year due to their 2019 income, however those individuals may benefit once they file their 2020 taxes.