Embedded in the recently passed $2 trillion economic stimulus package in response to the coronavirus pandemic is a stimulus check payment that will put money directly in your wallet (or bank account).
The Basics
Depending on your most recently filed tax returns, taxpayers making less than $75,000 ($150,000 if married-filing-joint) will get $1,200 ($2,400 if MFJ) plus $500 for each child under 17.
As you can see above, the stimulus check is reduced for taxpayers in the higher income brackets, and single filers with $99,000 or more in earnings ($198,000 or more MFJ) will not get the stimulus check, even if they have children.
If you want to find out exactly how much your stimulus check will be, please check out this nifty calculator created by the Tax Foundation.
Who is eligible?
You must have a valid Social Security number to receive the stimulus check.
Taxpayers with ITIN are not eligible for stimulus checks.
How is the income/filing status determined?
Income and filing status is determined based on your most recently filed tax return.
If you have already filed your 2019 tax return, the IRS will use that information to calculate your stimulus check.
If you haven’t yet filed your 2019 tax return, the IRS will use the information you provided on your 2018 tax return.
FAQ — Am I eligible to get a stimulus check even if I am not required to file taxes due to low income?
It depends, but it will take some time. Just file a tax return now so the IRS has the most recent data on your income and filing status.
When is the stimulus check coming?
If you have filed tax returns in the past and received a direct deposit of your tax refund, you will get your stimulus check payment directly in your bank account starting April 17.
If you opted to receive your tax refund via check, your stimulus check would be mailed out.
FAQ — Is the stimulus payment taxable?
No.
FAQ — Do I have to apply for the stimulus check?
No.
Please check the IRS website for the most up-to-date information.
In the meantime, check out my other post about the Small Business Paycheck Protection Program.
Photo by Alexander Mils on Unsplash
