As Partners in Ministry

We Can Help Each Other

Fund a gift annuity and Food for the Hungry will distribute fixed payments to you or your loved one for life

Planned Giving

Automate Planned Giving with Food for the Hungry

We're delighted you stopped by to explore how Food for the Hungry can help with your charitable giving plans. Here you can see the process for giving a non-cash item. You'll also find guidance for structuring gifts through wills, trusts, business interests, gift annuities or retirement plans. We're here to serve you, whether you're thinking about how to give wisely, or you're ready to put a planned gift in place.

Where Would You Like to Begin?

Think First, Then Give

Prepare your mind and heart as you make legacy arrangements.

Learn More

Ways to Support FH

See what assets you can give and learn wise ways to give them.

Learn More

Craft Your Legacy

Make ending poverty in someone's life be part of your legacy.

Learn More

Breaking News

Phone Scams, IRAs and Tax Extensions: The IRS published multiple reminder letters this week. In IR-2017-64 the Service warned tax preparers to watch for phishing emails claiming to be from clients. The latest tactic is for a scammer to send an email to tax preparers with a "last...

Read More

Be Inspired by Other Ministry Partners

Listen to your fellow FH partners share about their legacies.

Print
Email
Subsribe to RSS Feed

Monday January 25, 2021

Washington News

Washington Hotline

COVID Stimulus Checks Expected Next Week

The COVID Relief stimulus bill passed by Congress on December 22, 2020, included a second round of stimulus checks. The stimulus checks would be $600 per individual and $1,200 for a married couple filing jointly, with an additional $600 per qualifying child. The payment per individual would be lower than the previous CARES Act check, but the amount per child would be increased from $500 to $600.

The payments would be made to individuals with incomes of $75,000 or less. Married couples may have incomes up to $150,000. The payments would be phased out for higher income levels -- there would be no stimulus checks for individuals with incomes over $87,000 or for married couples with incomes over $174,000.

Treasury Secretary Steven Mnuchin said the Internal Revenue Service will send checks out very promptly. Individuals who have direct deposit information on the IRS computers may start to receive checks next week.

Mnuchin stated, "People are going to see this money the beginning of next week. Much needed relief — and just in time for the holidays. This is a very, very fast way of getting money into the economy."

In addition to the individuals who have direct deposit information on file with the IRS, many other recipients would promptly receive checks. Stimulus payments would be sent to Social Security beneficiaries, Disability Insurance recipients, Supplemental Security Income recipients, Railroad Retirement Board beneficiaries and Veterans Administration beneficiaries.

Taxpayers generally are required to have a Social Security Number to receive the payment. However, if a married couple has one spouse with a Social Security Number, the couple will receive a payment of $600 and an additional $600 per qualifying child.

If you receive an advance payment that exceeds the amount of your eligible amount, you will not be required to repay that. If your payment is less than the amount you should receive, you can claim the balance on your 2020 tax return.

Congress added protections for stimulus check recipients. Economic Impact Payments are typically not subject to an offset for any prior federal or state debts. They are also protected from bank garnishment or levy by debt collectors.

Editor's Note: Due to the holidays on December 24 and 25, at publication time the President had not yet signed the COVID bill. While he hoped for a larger stimulus check per individual, it is probable he will sign the bill. Millions of Americans with service jobs in the retail, restaurant and hotel industries are living on the financial edge. The $600 stimulus checks (or $2,400 for a family of four) will be a very welcome benefit.

Published December 25, 2020
Print
Email
Subsribe to RSS Feed

Previous Articles

Plan for Online Tax Filing

Time to Prepare for Tax Filing

IRS Supports $300 Above–The–Line Deduction

IRS on Schedule For Tax-Filing Season

National Tax Security Awareness Week

scriptsknown