Here's some background information: Eligible US taxpayers can receive up to $ 1,200 from the federal government as part of aintended to address the economic blow caused by the coronavirus pandemic. If you qualify, the IRS and Treasury Department will either deposit the money directly into your bank account or send you a check. This includes people who regularly receive social benefits. The first incentive checks for 2020 should begin to arrive .
Your chances of getting a certain amount of promotional money are good. As many as nine in ten U.S. households may be eligible to receive payments with an economic impact, as the IRS calls them.
In addition to payments for individuals who meet the requirements, the new Economic Stimulation Act includesor owed student loans and financial support for small businesses and their employees.
Not everyone will receive the total cash of $ 1200 and some will not receive an incentive check at all. Keep reading for help to find out what you're entitled to. We will continue to update this story as developments develop. Here is more information onand during the coronavirus outbreak.
How much 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, from your 2019 federal tax return or – if you haven't filed this year – your application for 2018.
If you filedyou can find that figure on line 8b of the federal tax form 2019. It is line 7 on the 2018 tax form 1040. Make don't worry if you didn't submit this year. The US government has postponed the 2019 tax due date to July 15 due to coronavirus.
This is who is eligible for a stimulus payment
The amount you receive depends on your total income in 2019 or 2018. If you qualify, you will receive one payment. This is who is eligible:
- If you are a single US resident and have adjusted gross income of less than $ 99,000
- If you file the head of a household and earn less than $ 146,500  If you jointly apply without children and earn less than $ 198,000
Read on for how your payment is calculated and how much you can expect. You can also look at this calculator from the Washington Post.
How much do you get as a single taxpayer
A single US resident must have a Social Security number and an AGI of less than $ 75,000 to receive the full $ 1,200. The sum decreases as your AGI increases. If your adjusted gross income reaches $ 99,000, you are not eligible for the stimulus.
If you file a householder, you will get the full payment of $ 1,200 if your AGI is $ 112,500 or less, and the amount drops until you reach $ 146,500.
Couples filing jointly
Couples filing jointly without children with adjusted gross income of less than $ 150,000 will receive a payment of $ 2,400 and drop to zero at $ 198,000. For each child aged 16 or younger in the family, parents receive a $ 500 payment. Older children and other dependents may not be eligible for benefits.
If You Didn't File Federal Taxes for 2018, Do Now
The IRS said that if you didn't file your federal taxes for 2018, it could affect your stimulus check and urge anyone who doesn't file a 2018 tax return submit now. Make sure to include direct bank details when returning.
If you don't usually have to file a tax return, you can still receive a payment
Many who are not normally required to file a tax return – including seniors, social security, and retirees with the railroads – don't have to file a simple tax return to receive payment, the IRS said. The Social Security Administration said it is working the Treasury Department for payments to recipients of Supplemental Security Income (SSI).
What about social security recipients?
The Department of the Treasury said that social security beneficiaries who usually do not have to file a tax return do not have to file an abbreviated tax return to receive payment. Instead, the IRS will use the information on Form SSA-1099 for Social Security beneficiaries who have not filed a tax return in 2018 or 2019.
When do the checks go out?
The first people should receive their checks within two weeks if they have made a direct deposit to the IRS. If you haven't made a direct deposit with the IRS, it may take longer and the government will email your check. Here's what we know aboutso far.
You can set up a direct deposit to have the check sent to your bank account
If you have not made a direct deposit but want to receive the payment electronically, the federal government creates an online system that allows you to make electronic payments so that you deposit the money directly into a bank account, according to the US Treasury Secretary Mnuchin.
The IRS said the online tool will be available in mid-April. To avoid scams, the IRS warns you not to pass your direct deposit or other bank details to others who help you set up an electronic transfer.
Do you have to register, apply for or apply for your check?
For most, the federal government will automatically send your check to you electronically or by mail if you are eligible. If you didn't file a tax return for 2018 or 2019, the IRS said you may need to file one to receive a payment. The IRS coronavirus page will soon contain instructions on who should archive and how.
What to do if you do not receive your check
If you qualify for a payment, you can expect a government notification by mail with information about where and when the check was sent. If you receive the notification, but not the check or direct deposit, please contact the IRS using the information in the notification.
We have tips forand . In addition to the economic stimulus package, the US government has postponed the filing deadline for income tax . If you need more help, you can get financial help as follows.