Questions: Are you eligible to receive a $ 1,200 payment? When will it come. How will the money arrive and how much will you get? What should you spend for? ? Stay with us. We will explain everything you need to know.
Your chances of getting some stimulus money are good. Up to nine in ten US households can qualify for economic impact payments, as the IRS calls them.
Here is some background information: Eligible U.S. taxpayers can receive up to $ 1,200 from the federal government as part of $ 2 trillionto help to buy the essentials and to boost the economy when . The first stimulus checks for 2020 should arrive .
In addition to payments for those who meet the requirements, the new law on economic incentivesor student loans and financial support for small businesses and their employees.
Not everyone receives the total of $ 1,200 in cash, and some don't get a stimulus check at all. Read on to find out how much you are entitled to. We will continue to update this story as developments develop. Here you can find further information onand .
How much stimulus money you receive depends on your taxes.
The total amount of your stimulus check is based on your adjusted gross income or AGI from your tax return for 2019 or – if you have not submitted this year – your 2018 filing.
If youyou will find this number on line 8b of the 2019 1040 federal tax form. It is line 7 on the 2018 1040 tax form. If you have not submitted this year, do not worry. The U.S. government has postponed the tax due date for 1945 to July 15 due to the corona virus.
This is the one who is entitled to a stimulus payment.
The amount you receive depends on your total income in 2019 or 2018. If you qualify, you will receive a payment. Here is who qualifies:
- If you are single in the United States and have an adjusted gross income of less than $ 99,000.
- If you submit as head of household and earn less than $ 146,500.
- If you submit without children and earn less than $ 198,000
Read on how your payment is calculated and how much you can expect. You can also check out this Washington Post calculator.
How much do you get as a single taxpayer?
A single US citizen must have a social security number and AGI below $ 75,000 to receive the full $ 1,200. The total decreases with increasing AGI. If your adjusted gross income reaches $ 99,000, you are not eligible for the incentive.
Head of Households
If you submit as head of household, you will receive the full payment of $ 1,200 if your AGI is $ 112,500 or less, with the amount decreasing until you reach $ 146,500.
Couples Submitting Together
Married couples submitting together without children with adjusted gross income below $ 150,000 will receive a payment of $ 2,400, which will decrease to $ 198,000. Parents receive a payment of $ 500 for each child aged 16 or under in the family. Older children and other dependent people may not be entitled to payment.
If you haven't submitted federal taxes for 2018, do so now.
The IRS said that if you haven't submitted your federal taxes for 2018, this could affect your stimulus review and urges anyone who hasn't submitted a 2018 tax return to file now. Make sure to provide bank details for direct deposits when returning.
If you don't normally have to file a tax return, you can still get a payment anyway
Many who do not normally need to file a tax return – including senior citizens, social security providers, and railroad pensioners – do not have to submit a simple tax return to receive payment, the IRS said. The social security agency said she works in the finance department for payments to recipients of additional security income (SSI).
What about social security recipients?
The finance department said that social security holders who normally do not have to file tax returns do not have to submit an abbreviated tax return to receive payment. Instead, the IRS uses the information on Form SSA-1099 for social security holders who did not file a tax return in 2018 or 2019.
When are the checks issued?
The first individuals should begin receiving their checks within two weeks if they have made a direct deposit with the IRS. If you haven't made a direct deposit with the IRS, it may take longer and the government will send your check by mail. We know the following aboutso far.
You can set up a direct deposit to send the check to your bank account.
If you have not made a direct deposit but would like to receive the payment electronically, the federal government will make an online deposit. According to US Treasury Secretary Mnuchin, you can set up electronic payments so that you can deposit the money directly into a bank account.
The IRS announced that the online tool will be available in mid-April. To avoid fraud, the IRS warns you not to disclose your direct deposit or other bank details to anyone who can help you set up an electronic transfer.
Do you need to sign up, request or request your check?
In most cases, the federal government will automatically send your check to you electronically or by mail if you qualify. If you haven't submitted a tax return for 2018 or 2019, the IRS may require you to file a tax return to receive payment. Instructions on who to submit and how to submit will be posted on the IRS Coronavirus page shortly.
What to do if you don't receive your check?
If you qualify for a payment, you should expect a government notification in the mail with information about where and when your check was sent. If you receive the notice but not the check or direct deposit, contact the IRS.
We have tips forand . In addition to the stimulus package, the US government has postponed the income tax filing deadline . If you need further help, learn how to get financial relief here.