Stimulus checks to help ease the effects of the Coronavirus shutdown are on the way to many Americans. We’ve got the facts you need to know:
- Who gets one?
- Who doesn’t?
- How much do you get?
- What do I need to do?
- When will it arrive?
Who Gets a Check?
- Anyone who filed income tax in either 2018 or 2019 earning under $75,000 for an individual or $150,000 for a married couple will get the full amount. Heads of household with an adjusted gross income of $112,000 or less.
- Those who filed income tax in 2019 or 2019 earning $95,000 for an individual or $190,000 for a couple will receive reduced amounts. Heads of household with an adjusted gross income of $132,500 or less will receive reduced amounts.
- Social Security recipients, even if you don’t file income tax returns. This includes retired people, those on disability, and those on SSI.
Who Doesn’t Get a Check?
- Those who didn’t file income tax either in 2018 or 2019.
- Adults who are listed as dependents on their parents’ tax returns
- Nonresident aliens
- Estates or trusts
How Much Do I Get?
- Individuals who earned $75,000 or less in adjusted gross income on their last tax return will receive $1200 each plus $500 for every child claimed as a dependent. The amount will gradually decrease as income rises. If you earn $95,000, your check will be $200. The dependent amount stays the same.
- Couples who earn $150,000 or less will receive $2400 plus $500 for each dependent child. The amount will gradually increase as income rises. A couple earning $190,000 would receive $400 plus $500 for each dependent child.
- Social Security recipients will receive $1200.
What Do I Need To Do?
For most people, nothing.
- If you receive Social Security, the IRS will use the information on the Form SSA-1099 and Form RRB-1099 the check will be deposited into the same bank account you use to deposit your SS check or sent to the same address where you receive a paper check.
- If you filed a tax return this year or last, the IRS will deposit the check in the same bank account you used for your tax refund. If they don’t have that information, they will soon be setting up a web portal where you can enter it.
When Will It Arrive?
- The IRS will begin making deposits in mid-April. Since more than 100 million Americans qualify, this could to take several weeks to finish up.
- Mailing of paper checks should begin in early May. Again, due to the large number of checks, this could take several weeks to complete.