Advance child tax credit payments from IRS might not be available for parents of kids who were born in 2021
Another round of child tax credit payments from the Internal Revenue Service is set to hit accounts of qualifying families on Monday but for people who had a baby in 2021, there might not be any advance payments at all.
How to make the most out of your stimulus payment
SAN ANTONIO – Stimulus payments could be lifesaving tools for Americans who need them the most. Others, however, may not necessarily have an urgent need to spend their $1,400 stimulus right away. Food, late rent or mortgage payments or any overdue bills are included in these urgent needs. If you don’t have anything pressing that’s overdue or have any money left over, consider using your stimulus as a cash cushion for necessities later. AdIf you have all that covered, you may also consider using your stimulus to add money to a high-interest savings account or a long-term savings account.
City of SA helping residents, including those experiencing homelessness, get access to stimulus checks
SAN ANTONIO – The city of San Antonio is working to help residents, including those experiencing homelessness, get access to third federal stimulus payments. City officials said residents, including those experiencing homelessness, who do not normally file income tax returns and do not have bank accounts or a fixed address, may still be able to access direct stimulus payments available through the recently signed American Rescue Plan Act of 2021. Ad“The VITA program assists residents with completing and filing their federal income tax returns,” the release said. “The goal of the Department of Human Services is to connect human services programs with the people who most need them in our community,” Human Services Director Melody Woosley said in a released statement. DHS Financial Empowerment Center will be available to assist residents who would like to open bank accounts or need assistance managing their debit card, city officials said.
Congress OKs $1.9T virus relief bill that would provide $1,400 direct payments to most Americans
House Speaker Nancy Pelosi of Calif., and Senate Majority Leader Chuck Schumer of N.Y., pose after signing the $1.9 trillion COVID-19 relief bill during an enrollment ceremony on Capitol Hill, Wednesday, March 10, 2021, in Washington. Most noticeable to many Americans are provisions providing up to $1,400 direct payments this year to most people and extending $300 weekly emergency unemployment benefits into early September. The measure addresses Democrats’ campaign promises and Biden’s top initial priority of easing a one-two punch that first hit the country a year ago. According to a CNN poll released Wednesday, the relief bill is backed by 61% of Americans, including nearly all Democrats, 58% of independents and 26% of Republicans. On the relief bill, progressives had to swallow big concessions to solidify moderate support.
Rep. Joaquin Castro talks Trump impeachment, potential bid against Ted Cruz and COVID-19 relief checks
An article of impeachment is expected to be sent to the U.S. Senate on Monday, and one of the nine impeachment managers who will argue to convict Trump is San Antonio Congressman Joaquin Castro. Castro spoke with La Prensa Texas this week about the impeachment effort and why the case for conviction needs to be made. ”It is a high bar to convict any president in the Senate,” Castro said. With Cruz resisting those calls, Texas Democrats expect one of the Castro brothers to run against Cruz in 2024, when his current term ends. “I do not believe that Mr. Cruz represents many of us in the state of Texas.”For now, Rep. Joaquin Castro isn’t focused on a potential Senate bid.
Did you have a baby in 2020? You could be eligible for $1,100 in stimulus money
SAN ANTONIO – The Internal Revenue Service has been busy sending people money in the last year as part of economic stimulus payments to help Americans who are suffering financially due to the coronavirus pandemic. However, due to the IRS using, in most cases, tax returns from 2019 as the basis for the amount of stimulus money you received, parents who welcomed a new child in 2020 probably didn’t receive that extra $1,100 from the combined stimulus payments. So, if you have not or did not yet receive the money for a dependent that was born in 2020, and your income made you eligible to receive that money, you are entitled to a recovery rebate credit. According to the IRS, “eligible individuals can claim the recovery rebate credit on their 2020 Form 1040 or 1040-SR. If you’re still waiting on a stimulus payment, the IRS has a tool that allows Americans to check the status of their second stimulus payment which can be found here.
Stimulus checks on the way for TurboTax customers after snafu that sent money to wrong bank accounts
A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account. The IRS and the Treasury Department began issuing the Economic Impact Payments last week of Jan. 1, 2021. The delay in the direct deposits came after a number of taxpayers who used TurboTax said their second relief payments were sent to the incorrect bank account. You could be eligible to receive a Recovery Rebate Credit on your 2020 taxes if you did not receive the full amount of the economic stimulus payments. Read also: Didn’t get your relief payment yet?
What you need to know about who will receive a second stimulus check and when
Everyone who is eligible for a stimulus check but has yet to receive it is probably wondering when that’s going to happen. The IRS has a tool that allows Americans to check the status of their second stimulus payment. Checks started hitting bank accounts as early as last Tuesday and still continue to be sent out via direct deposit. IRS Commissioner Chuck Rettig said last week that the IRS is “working swiftly to distribute this second round of payments as quickly as possible. You could be eligible to receive a Recovery Rebate Credit on your 2020 taxes if you did not receive the full amount of the economic stimulus payments.
McConnell, Pelosi’s homes vandalized following blockage of $2,000 COVID-19 relief checks, reports say
(AP Photo/Timothy D. Easley)Two U.S. congressional leaders have had their homes vandalized this week, just days after House Republicans blocked President Trump’s push for $2,000 COVID-19 relief checks, reports say. Senate Majority Leader Mitch McConnell’s home in Louisville, Ky., was vandalized Saturday, according to a report from the Louisville Courier Journal. It’s unclear if McConnell was home at the time of the incident or whether suspects have been apprehended. The second round of stimulus COVID-19 relief checks, amounting to $600, have already begun being distributed to millions of Americans. Direct deposits will continue into next week, according to the Associated Press.
Trump push on $2K checks flops as GOP-led Senate won’t vote
Senate Majority Leader Mitch McConnell of Ky., walks off of the Senate floor on Capitol Hill in Washington, Wednesday, Dec. 30, 2020. Opening the Senate on Thursday, McConnell called the House-passed bill matching Trump's $2,000 request “socialism for rich people” who don't need the federal help. The Republican-led Senate acquitted the president in 2020 of the charges of abuse of power and obstruction of Congress. Trump’s push for $2,000 checks gained sudden momentum when dozens of House Republicans joined Democrats in approving the measure Monday. But the GOP leader has scheduled no votes on his measure and it would be unlikely to have enough support in Congress to pass.
Second stimulus payments of $600 are officially on the way for most Americans, government says
Treasury Secretary Steven Mnuchin said some of the $600 payments were sent to bank accounts as early as Tuesday night. (2/2) — Steven Mnuchin (@stevenmnuchin1) December 29, 2020The second round of the economic impact payments will head to the majority of Americans who received a payment earlier this year when the pandemic hit. Americans earning up to $75,000 will qualify for the direct $600 payments, which are phased out at higher income levels, and there's an additional $600 payment per dependent child. The Economic Impact Payment Card will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. For more information about Economic Impact Payments and the 2020 Recovery Rebate, key information will be posted on IRS.gov/eip.
Stimulus plan provides billions for transportation, could help San Antonio airport recover
SAN ANTONIO – Congress has approved a new stimulus plan. Along with direct payments to individuals and more unemployment assistance, it provides billions in spending to help the transportation sector deal with the impact of the COVID-19 pandemic. San Antonio International Airport has not been immune to the effects of the pandemic on air travel. Under the CARES ACT passed in the spring, San Antonio International Airport was allocated close to $40 million in the first stimulus package, with lesser amounts for Kelly Field and Stimson Airport. Read more transportation reporting from KSAT:Car crashes in San Antonio plummet during pandemic, data showsEnvironmental concerns linger while trying to expand Loop 1604 to 10 lanes on North SideKSAT Explains: What is the future of transportation in San Antonio?
New stimulus plan: Who will get a second payment and when will it be received?
Treasury Secretary Steven Mnuchin said $600 payments were expected to be deposited as early as Tuesday night. The agreement includes a second round of stimulus payments and will provide financial assistance to those that are unemployed and businesses, schools, and more that are affected by the coronavirus pandemic. Exact income criteria and timing for the second stimulus package, as well as other details of the plan, have yet to be released as of noon on Dec. 21. Stimulus checks were sent to people based on federal tax returns from 2018 or 2019. Similar to the first round of stimulus checks, payments are expected to start phasing out for individuals who earn more than $75,000 annually.
Congress seals agreement on COVID relief, government funding
The House was expected to vote on the legislation on Monday, said a spokeswoman for House Majority Leader Steny Hoyer, D-Md. The House would pass a one-day stopgap spending bill to avert a government shutdown at midnight Sunday. “There will be another major rescue package for the American people,” Senate Majority Leader Mitch McConnell, R-Ky., said in announcing the agreement for a relief bill that would total almost $900 billion. It combines COVID-19 relief with a $1.4 trillion government-wide funding plan and lots of other unrelated measures on taxes, health, infrastructure and education. The Fed’s emergency programs provided loans to small and mid-size businesses and bought state and local government bonds.
Will there be a $4,000 travel credit? Trump hopes so
A second tax credit and the idea of an Explore America tax credit have been thrown around and President Donald Trump seems to be behind the idea. Explore America tax credit that Americans can use for domestic travel, including visits to restaurants. The credit has yet to officially be made into a bill, but, that hasnt stopped leaders in the travel industry from being hopeful. United and other US airlines get more serious on face mask requirementsA Forbes article noted that a travel tax credit would create more jobs and help reduce unemployment but also noted there are major safety concerns regarding COVID-19. An Explore America tax credit and campaign will do wonders to put America back on the path to prosperity.
Second round of stimulus checks possible, but Congress needs to negotiate bill first
As unemployment claims continue to rise, Congress is considering a second round of stimulus checks. Last week, the U.S. House of Representatives passed the HEROES Act, which would increase unemployment aid, food stamps and includes more stimulus money. If the bill were to pass in its current form, the second stimulus check will be like the first, offering individuals $1,200, married couples $2,400 and adding extra $500 credits for up to three children. Negotiations over the bill have not started yet, however, and Americans are not likely to see anymore coronavirus relief until June at the earliest. Highlights of Democrats’ $3 trillion-plus virus relief bill
Wednesday is the last day to request direct deposit for stimulus payments
The Internal Revenue Service says individuals have until noon on Wednesday to submit bank account information for direct deposit. "Time is running out for a chance to get these payments several weeks earlier through direct deposit," IRS Commissioner Chuck Rettig said in a statement Friday. Payments to those who had updated their bank account information by April 29 should have also received the money. Once you add your bank account information, the tool should update with a scheduled payment date. They won't have to provide any income information.
Your stimulus payment questions answered
Q: The IRS sent my stimulus payment to an old bank account that is now closed. The letter will provide information on how the Payment was made and how to report any failure to receive the Payment. Q: If my son is over 18 and I claimed him as a dependent, will he get a stimulus payment, or will I? A: Anyone over the age of 17 years old who is claimed by someone else as a dependent will not receive a stimulus payment. Will he still get a stimulus payment?
Man sues Trump for denying stimulus payments to American citizens married to immigrants
A man from Illinois is suing President Donald Trump for denying stimulus payments to American citizens who are married to immigrants who don’t have social security numbers, Fox 10 reports. The plaintiff, named in the class-action lawsuit under the alias “John Doe,” and his spouse reportedly file their tax returns jointly. The couple, who have two children who are also American citizens, would have received $3,400, as long as both their child are younger than 17-years-old. According to Fox 10, the suit claims that the plaintiff and other Americans married to immigrants have been discriminated against. For married couples who file jointly, their income must be less than $99,000.
Millions of Americans could lose stimulus payments to debt collectors
The $2.2 trillion congressional coronavirus relief plan passed in March did not shield the stimulus payments from certain private debt collectors, though it specifically protected the money from being taken to cover unpaid taxes or federal student loan payments. Some states and local governments -- including Massachusetts, Ohio, Illinois and Washington, DC -- have issued their own orders to shield the stimulus payments from private debt collectors. The stimulus payments are meant to provide emergency assistance during the coronavirus outbreak. She said many Americans may not know their bank account is at risk of seizure because they have not been served properly in a collection lawsuit. The stimulus payment should be deposited in the same bank account where you received your tax refund in either 2018 or 2019.
When will you get your stimulus payment? Here’s how to check
Those who haven't been required to file a return during the past two years may have to submit some information online before receiving the payment. How do I check on the status of my payment? The IRS is creating an online tool, called Get My Payment, that can be used to check on the status of your money. However, taxpayers won't be able to update their bank information once the payment is already scheduled for delivery, and it won't allow you to update bank information already on file, the Treasury Department said. There are millions of low-income people who are not normally required to file tax returns that will have to take some action before receiving their stimulus money.
IRS has started depositing stimulus payments into taxpayers’ bank accounts
SAN ANTONIO – The Internal Revenue Service has deposited the first round of Economic Impact Payments into taxpayers’ bank accounts, according to a tweet sent Saturday. The IRS, which started depositing stimulus payments on Saturday, is expected to provide an online tool the week of April 13 that lets you check the status of your Economic Impact Payment. Find details at https://t.co/hEEWmgHA9V #COVIDreliefIRS pic.twitter.com/Ls5kAzXntj — IRS (@IRSnews) April 11, 2020Understand: A breakdown of the massive new stimulus billThe payments will be automatic for most taxpayers, according to IRS.gov. To see if you are eligible for an economic impact payment, click here. #IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today.
Your coronavirus stimulus payments are about to be deposited
During a live White House coronavirus update Thursday, Vice President Mike Pence announced Americans will begin to see their economic impact payments direct depositing into their accounts next week. Watch the full update below, or click here to pick up right where Pence addresses the stimulus packages. “With regard to direct payments to Americans, the treasury secretary assured senators -- and we assure every American -- that we remain on the timetable where the first payments and direct deposits will go out by the end of next week,” Pence said. For tax filers who make more than those amounts, the payment amount will be reduced by $5 for each $100 above the said thresholds. We know many of you have many questions concerning your economic impact payments.
Free USPS program will alert you when your stimulus check is coming
Postal Service offers a free service that can help. If you get a picture of an IRS envelope, you know it is likely your stimulus check. If their Informed Delivery notification shows you only received junk mail, there’s no need to go out and pick it up. Once you sign up, the USPS says it typically takes about three business days to start receiving those notification emails. Not every address is eligible for Informed Delivery.
Millions of low-income Americans are at risk of missing out on stimulus payments
People who have filed returns and others in government programs like Social Security will automatically receive the stimulus payments, which are worth up to $1,200 per person. The Social Security Administration says it is working closely with Treasury to address questions regarding the Supplemental Security Income recipients. In 2008, when the government issued similar stimulus payments, those who earned less than $3,000 did not qualify at all. Some taxpayers just aren’t eligible for the stimulus payments at all. Individuals making more than $99,000 won’t receive anything, while married couples are phased out at $198,000 -- unless they have children.
Most student loan payments are suspended. Here’s what you need to know.
Still, the student loan repayment system is complex. Here's what you need to know about who qualifies and how it works with existing loan forgiveness plans:No, you don’t need to request a forbearanceThe legislation made the suspension of payments automatic. That includes loans known as Direct federal loans, as well as PLUS loans that parents may have taken out on behalf of their children. A benefit for those seeking loan forgivenessThere's a bonus for those borrowers who were already enrolled in the Public Service Loan Forgiveness program or another federal forgiveness plan. The Public Service Loan Forgiveness program requires 120 monthly payments before borrowers see their remaining debt wiped away.