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To counter the disease-induced economic meltdown, the government worked out a massive economic stimulus plan that will flood the U.S. economy with cash and provide relief for Americans who are taking a financial hit. And part of the plan is to send almost everyone direct payments from the government’s coffers from April 15th. Here is everything you need to know about the stimulus check.
Who Is Eligible For A Stimulus Payment?
Single US resident with an adjusted gross income less than $99,000
Those who file as the head of a household with an income less than $146,500
Those who file jointly without children with an income less than $198,000
How Much Money Will You Get?
The base amount of your stimulus check is $1,200, but how much you will actually get depends on your taxes. It will be based on your adjusted gross income (AGI) from your 2019 federal tax filing.
As a single taxpayer
You’ll receive the full amount of $1,200 if you’re single, married filing a separate tax return, or a qualifying widow(er), with an AGI under $75,000. The amount decreases as your AGI goes up. When your adjusted gross income reaches $99,000, you will be ineligible for the stimulus.
As heads of household
You will get the full $1,200 payment if your AGI is $112,500 or less. The amount of your stimulus check will be gradually reduced to zero until your AGI reaches $146,500.
As couples filing jointly
If you’re married and file a joint tax return with your spouse, with an AGI of $150,000 or less, both of you will get $1,200. The payment decreases until your AGI reaches $198,000. And if you have children who qualify for the child tax credit (they must be 16 years old or younger), you’ll get an additional $500 for each child. For instance, a married couple with two children can get up to $3,400.
What If I Haven’t Filed My 2019 Tax Return?
IRS, which is responsible for issuing the payments, will look at your 2019 tax return for your filing status, AGI, and information about your children. If you haven’t filed it yet (now due July 15, 2020), the IRS will go to your 2018 return for the necessary information. You’d better use a Stimulus Check Calculator to help you figure out the estimated amount of your check (based on either your 2018 or 2019 return), to decide whether or not you should file 2019 return as soon as possible to receive a higher amount.
Can People Who’re Not Required To File A Tax Return Get Stimulus Checks?
According to the IRS, senior citizens, Social Security and Social Security Disability Insurance (SSDI) recipients and railroad retirees, who are not required to file a tax return, will receive the payment as well. People who haven’t filed a 2018 or 2019 return because they are under the normal income limits for filing a tax return, can use the Non-Filers portal to get their payment.