 | | A family playing miniature golf at the Golf N' Stuff Family Fun Park in Los Angeles County. Stimulus payments have helped families cope with the economic shock caused by the pandemic.Philip Cheung for The New York Times |
|
Today we're going to talk about money, money, money — or more precisely, government stimulus payments. |
Several rounds of federal and state payments directed at individuals in 2020 and 2021 were intended to help people cope with the pandemic's shock to the economy. |
That means it's important to file your 2020 federal and state tax returns to get all the payments that you qualify for. The deadline is May 17 for both this year. |
Here's a quick guide to the government checks. |
What payments were made by the federal government? |
The federal government has sent out three rounds of checks, which most eligible people should have received by now. |
The first payment, for up to $1,200 per adult and $500 per child, went out starting last April. The payments were phased out at higher levels of taxable income, based on your 2018 or 2019 tax return. |
The second payment, for up to $600 per adult and child, went out in December and January. Again, the payments were reduced for those with higher incomes. |
The third payment, for up to $1,400 per adult and child, started going out last month. And like the other two, the payments are being phased out at higher income levels, reaching zero for individuals earning $80,000 and couples earning $160,000. |
What if I didn't get a payment? |
For the third payment, the I.R.S. calculated eligibility and amounts based on 2019 returns. If your income dropped in 2020, you are likely to qualify for a bigger payment. After you file your 2020 return, the I.R.S. says, it will send out any higher amount that you are owed. If you still don't get a payment and think you are owed one, you can file for a credit when you complete your 2021 return. |
What is the Golden State Stimulus? |
In February, California lawmakers approved a separate state stimulus payment of $600 to $1,200 for residents who qualify for the earned-income tax credit or who earned less than $75,000 last year. |
California isn't sending out checks under this Golden State Stimulus program. Instead, any money you're entitled to will be added to your tax refund or reduce your tax due when you file your 2020 state return. Unlike the federal payments, undocumented residents can receive the California funds as long as they have a valid tax identification number. |
Will there be a fourth federal stimulus payment? |
No more big checks are in the works. |
You keep telling me to file my taxes. Could you do them for me? |
Here's what else to know today |
 | | A screenshot from body-camera footage showing Mario Arenales Gonzalez, who died in police custody in Alameda last week.Alameda Police Department |
|
 | | Mika Kie during a rally and vigil to protest against violence directed at people of Asian descent in Oakland last month.Brittany Hosea-Small/Reuters |
|
The recent wave of violence against Asians and Asian-Americans, including attacks in California, has brought new attention to anti-Asian bias, what it means to be of Asian descent in the United States, and what the term "Asian-American" means to the millions of people it aims to describe. |
If your family is from Asia, how do you feel about being identified as Asian-American? Tell us what it means to you. We'll report back on what we hear. |
Jill Cowan grew up in Orange County, graduated from U.C. Berkeley and has reported all over the state, including the Bay Area, Bakersfield and Los Angeles — but she always wants to see more. Follow along here or on Twitter. |
California Today is edited by Julie Bloom, who grew up in Los Angeles and graduated from U.C. Berkeley. |
|
No comments:
Post a Comment