In March, the U.S. Congress authorized economic relief in the form of a stimulus package for millions of Americans affected by the coronavirus pandemic. This relief includes an emergency payment of up to $1,200 per taxpayer who has a valid Social Security number, could not be claimed as a dependent of another taxpayer, and meets specific gross income requirements. Here’s what to know about the stimulus checks, who will qualify, and where to look for your payment.
Who DOES Qualify
There are a few qualifiers for the $1,200 per-taxpayer economic impact payments, including filing a tax return in 2018 or 2019. Additional qualifications include:
- Those with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly.
- Some Americans who make more than the $75,000/$112,500/$150,000 qualifiers could receive amounts reduced by $5 for each $100 above the thresholds.
- Those with children are eligible for an additional $500 per qualifying child.
If you did not file a return in either 2018 or 1019, start your process here.
Who Does NOT Qualify
Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children will not receive payments.
Do You Receive Social Security, Disability (SSDI), Veterans’ or Survivor Benefits?
You’ll get your stimulus package payment sent to you in the same way you receive your usual payments. This will include those who receive Railroad Retirement benefits, Supplemental Security Income benefits, or those who have no income or incomes that come entirely from certain benefit programs.
When Will You Get Your Check
The IRS will automatically calculate and send electronic payments starting April 13, 2020. Paper checks will mail a few weeks later. You will either receive a physical check or direct deposit to the account on file with the IRS. To update the information the IRS has on file, check this page for more information and an application. Additionally, the IRS has plenty of information about current payments here.
Be Aware of Stimulus Scams and Fraud
As always, the IRS will not call, email, text, or contact you on social media about a stimulus check, nor will they ask you to send money back in any form. Additionally, watch out for email attachments that claim to contain special information about payments or refunds as these could affect your computer and online security. Any scams or fraud should be reported to usa.gov.