The first round of Coronavirus stimulus checks are expected to go out this week. If you’re eligible, the Treasury Department will deposit $1,200 directly into your bank account or mail you a check.
Not every person who qualifies will receive $1,200, some folks will get more, some less. These payments are based on income listed on your most recent tax return, along with the number of child dependents you have.
Below are some common questions/answers about the payments:
How much stimulus money will I get?
U.S. residents with an income of up to $75,000 will receive payments of $1,200. For every $100 you earn above that threshold your payment decreases by $5. The payments phase out entirely at an income of $99,000.
If you are married, both payments and limits are doubled for your home if you file taxes jointly. Couples with household income of up to $150,000 will receive a $2,400 payment. The payments stop entirely at $198,000.
Your income level is based on the last tax return you filed (possibly 2018) or this year if you’ve filed already (for 2019). The payments are based on your adjusted gross income.
What if I haven’t filed my taxes in 2018 or 2019?
If you haven’t filed, your stimulus check may be delayed. For more details on this please visit www.irs.gov.
Remember to keep your guard up. If you receive a call, email or message soliciting your bank information it’s probably a scam. The government will not ask you to provide or verify personal information over the phone.
Will I still get my stimulus check if I have no income?
Even if you make $0 you qualify for the $1,200 payment. However, this will not always happen. A person will need a fixed address or a bank account to receive the payment.
Will I get my stimulus check if I’m on Social Security or disability?
Yes. You will get the payment, as long as you are within the income thresholds. Even if you do not normally file taxes, the IRS will send money using the same method that you receive your benefits on now.
What if I owe back taxes, will that be taken out of my stimulus check?
No. The only money that will be taken out of the payments is for people who owe back child support.
How do I get my stimulus money?
If you have filed your taxes in the past and received a refund through direct deposit, the IRS will just deposit the money into your account. Same process for people who are on Social Security or disability.
If you don’t have direct deposit, the IRS will mail you a physical check. But estimates are saying that some people might not get payments until September.
When will I get my stimulus money?
The Treasury Department stated that people with direct deposit should get their payments by April 24. Then the operation of sending out paper checks will start, which could take months to complete.
What if I’m a single parent?
Single parents who file as “head of household” and make up to $112,500 will get the full $1,200 benefit. Income above $112,500 is treated the same way with payments decreasing by $5 for every $100 you earn up to $136,500.
What if I have kids?
Parents with children ages 16 or younger will get an additional $500 per dependent child. (claimed as a dependent on your tax return).
Will students and young adults receive a stimulus check?
Most college students and young adults will not qualify for these payments.
If parents claimed the student as a “dependent” on their most recent tax returns (2018 or 2019) they will not receive the stimulus money. And if the student or young adult is 17 or older, the parents will not receive the $500 for a dependent either.
If parents did not claim the student or young adult as a dependent, they will qualify for the payments.
What about adult dependents?
Unfortunately, any adult that you claim as a dependent on your tax returns including children 17 or older and elderly parents will not qualify for a stimulus payment.
While we have done our best to ensure that all of this information is accurate; human error is a possibility. Please understand this content is for informational purposes only; you should not interpret any of this information as legal, tax, investment, financial, or other advice.