Stimulus Check: Everything You Need To Know

stimulus check, finance

As Coronavirus continues to wreck the economy, many US workers are going into their second month of being laid off from their jobs. Among the many concerns, being able to get a stimulus check has been one of the top-most priorities. According to the U.S Labor Department, nearly 3.3 million Americans have applied for unemployment within the last week. This number continues to steadily rise, with even more workers expected to be laid off that have not yet applied for government benefits. With the passing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the US government enacted the Stimulus Package, which gave funding to businesses and individuals who needed it most. As a result, those who qualify for a stimulus will receive a one-time payment of $1,200 to supplement their income during the Coronavirus epidemic.

Fanning Money, stimulus check

Do I Qualify For A Stimulus check?

So, who exactly is eligible to receive a stimulus check? Here’s a quick breakdown of the guidelines set forth by the IRS to receive a stimulus check:

  • You must be a U.S citizen or U.S resident alien.
  • You can’t be claimed as a dependent on someone else’s tax return.
  • You must have a valid Social Security Number that is used for employment.
  • Have an adjusted gross income below an amount based on your filing status and the number of your qualifying children.

A Closer Look

While the official requirements for receiving a stimulus check are listed above, there is a bit of fine print that you’d be advised to review to avoid any unwanted surprises!

  • If you didn’t file a tax return for 2018 or 2019, you still may be eligible for a stimulus check. Instances of this include if you didn’t make enough money to file, if you receive Social Security or disability benefits, and if you receive survivors benefits or veterans benefits.
  • There is no minimum income needed to receive a stimulus check. The maximum income threshold to receive a stimulus check is $198,000 for couples filing a joint return, $136,500 for individuals filing as head of household, and $99,000 for all other individuals. It’s important to note that this threshold increases by $10,000 for each qualifying child that a family has on their tax return. For example, a couple with two children who filled a joint return, would need to make more than $218,000 to not qualify for a stimulus check.
  • Families will receive an additional $500 per dependent for their stimulus check.
  • Only dependents who were 17 years of age or under at the time of filing are eligible for the $500 stimulus credit.
  • Children born, adopted, or fostered in 2020 will not count as dependents for the stimulus check as the check correlates with only those listed on your 2019 tax return.
  • Stimulus checks will not count as taxable income for 2020.
  • Stimulus checks will not be taken to be used for any federal or state debts, with the exception of past due child support.
  • Stimulus checks will be sent to the bank account or mailing address on file for the recipients 2019 tax return. If recipients did not file a 2019 tax return, they will have the opportunity to submit their bank account info to the IRS in order to receive the payment.

How to Get My Payment

Once you find out if you qualify for a stimulus check, you’re probably anxious as to when you’ll be getting your payment. The first batch of stimulus checks was sent out last week, that batch reached about 80 million recipients. If you filed your tax return in 2018 or 2019 and included your direct deposit info, you should have received your stimulus check with that batch.

If you’re waiting for a physical stimulus check to come in the mail, the IRS has now begun the process of mailing out around 5 million checks per week. The IRS is mailing these checks to taxpayers with the lowest reported income on their tax returns first. The expected mailing schedule for stimulus checks is divided based on annual income and is detailed as follows:

  • Less than $10,000: April 24th
  • $10,001 – $20,000: May 1
  • $20,001 – $30,000: May 8
  • $30,001 – $40,000: May 15
  • $40,001 – $50,000: May 22
  • $50,001 – $60,000: May 29
  • $60,001 – $70,000: June 5
  • $70,001 – $80,000: June 12
  • $80,001 – $90,000: June 19
  • $90,001 – $100,000: June 26
  • $100,001 – $110,000:July 3
  • $110,001 – $120,000: July 10
  • $120,001 – $130,000: July 17
  • $130,001 – $140,000: July 24
  • $140,001 – $150,000: July 31
  • $150,001 – $160,000: August 7
  • $160,001 – $170,000: August 14
  • $170,001 – $180,000: August 21
  • $181,000 – $190,000 August 28
  • $190,001 – $198,000 September 4
  • All Remaining Checks: September 11

As the economy continues to work towards recuperating, the hope is that these stimulus checks will provide much needed relief to the US citizens that need them most! The IRS is continuing to update their website with any additional stimulus check related information as they receive it. Be sure to check back to the IRS website for any additional questions related to receiving your stimulus check.

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