US taxpayers may be eligible for up to $ 1,200 each in government stimulus paymentsintended to mitigate the financial fallout caused by the . It is estimated that nine out of ten American households could qualify for an economic impact payment, as the IRS says.
In addition to payments of up to $ 1,200 for those who meet the requirements, the new economic stimulus law also includesand those with student loans repelled by the , as well as financial support for small businesses.
If you are eligible, the IRS and the Department of the Treasury will offer to deposit the check directly into your bank account – including social security recipients. The first stimulus checks are expected to start circulating around the second week of April, but not everyone will receive a full cash payment and some will not receive a stimulus check at all.
So how do you know how much you can expect to receive and how to receive your stimulus payments? Keep reading, we’ll tell you. We will also continue to update this story as it develops. Here is more information on, and during the coronavirus epidemic.
The amount of stimulus money you get depends on your taxes
The total amount of your stimulus check will be based on your adjusted gross income, or AGI, on your 2019 federal income tax return or – if you did not file it this year – your 2018 return.
If you have, you can find this figure on line 8b of the 2019 federal tax form 1040. This is line 7 of the 2018 1040 tax form. If you haven’t filed this year, don’t worry. The US government has as of July 15 due to a coronavirus.
Who is eligible for a stimulus payment?
The amount you receive will depend on your total income in 2019 or 2018. If you qualify, you will receive a payment. Here is who qualifies:
- If you are a single US resident and have an adjusted gross income of less than $ 99,000
- If you deposit as head of household and earn less than $ 146,500
- If you jointly produce without children and earn less than $ 198,000
Read on to find out how your payment is calculated and how much you can expect. You can also check out this Washington Post calculator.
How much you will get as a single taxpayer
A single US resident must have a Social Security number and an AGI less than $ 75,000 to receive the total amount of $ 1,200. The amount decreases as your AGI increases. If your adjusted gross income reaches $ 99,000, you will not be eligible for the stimulus.
Heads of families
If you deposit as the head of the household, you will get the full payment of $ 1,200 if your AGI is $ 112,500 or less, the amount decreasing until you reach $ 146,500.
Joint deposit of couples
Married couples who jointly deposit without children with adjusted gross income less than $ 150,000 will receive a payment of $ 2,400, falling to zero at $ 198,000. For each child 16 years of age or younger in the family, parents will receive a payment of $ 500. Older children and other dependents may not be entitled to payment.
If you did not file a federal tax for 2018, do so now
The IRS has stated that if you have not filed your 2018 federal taxes, it could affect your stimulus check and urges anyone who has not filed a 2018 income tax return to file now. Be sure to include direct deposit banking information on the return.
If you are generally not required to file a tax return, you can still receive a payment
Many who are not normally required to file a tax return – including low-income taxpayers, the elderly, certain veterans, the disabled, or retirees – will have to file a simple tax return to receive payment. said the IRS.
The IRS will soon have instructions on how to file a 2019 tax return on its coronavirus web page for those who are generally not required to file a return.
What about social security recipients?
The Department of the Treasury has said that social security recipients who are generally not required to file tax returns will not need to file a short tax return will not need to file a payment. Instead, the government will automatically deposit funds into their bank accounts.
When will the checks come out?
Treasury Secretary Steven Mnuchin said in the White House on Thursday that he expects the first people to start receiving their checks within two weeks if a direct deposit is made with the IRS. If you have not set up a direct deposit with the IRS, it may take longer and the government will send your check by mail.
You will be able to configure direct deposit so that the check is sent to your bank account
Secretary Mnuchin said that for those who do not have direct deposit but wish to receive payment electronically, the federal government will create an online system that will allow you to configure electronic payments so that you deposit money directly to a bank account. The IRS said the online tool will be available in mid-April. To avoid scams, the IRS cautions, do not provide your direct deposit or other banking information to others who offer to help you set up a wire transfer.
Do you have to register, apply or request your check?
For the most part, the federal government will automatically send you your check electronically or by mail, if you qualify. If you have not filed a tax return for 2018 or 2019, or if you are generally not required to file a tax return, the IRS has stated that you will need to file one to receive payment. The IRS coronavirus page will soon contain instructions on how to file.
What to do if you don’t receive your check
If you are eligible for a payment, you should expect to receive a notice in the mail of the government with information on where and when it sent your check. If you receive the notice but do not receive the check or direct deposit, contact the IRS using the information in the notice.
We have advice forand . In addition to the economic stimulus package, the U.S. government has delayed the . If you need more help, here’s how to get financial relief.