Last week, President Trump signed into law a $2 trillion economic stimulus package that includes payments of up to $1,200 to US taxpayers, in an effort to blunt the financial effects of theoutbreak.
In addition to giving coronavirus stimulus payments to many individual taxpayers and families, the law provides financial aid for businesses and industries staggered by the virus and expanded unemployment and student-loan assistance.
Roughly nine in 10 households may receive a recovery rebate under the economic stimulus. Not everyone will receive the complete payment, and some won’t receive a stimulus check at all.
Here’s what we know about the individual and household coronavirus checks that are part of the federal package — including finding out if you’ll be eligible, how much you can expect to receive and how to receive your payments. We’ll update this story as developments occur.
How much you get depends on last year’s taxes
The total amount of your stimulus check will be based on your adjusted gross income, or AGI, from your 2019 federal tax filing or — if you’ve not filed this year yet — your 2018 filing.
If you’ve, you can find that figure on line 8b of the 2019 1040 federal tax form. It’s line 7 on the 2018 1040 tax form.
Who is eligible for a stimulus payment?
The amount you’ll receive will depend on your total income in 2019 or 2018. Here’s who qualifies:
- If you’re a single US resident and have an adjusted gross income less than $99,000.
- If you file as the head of a household and earn under $146,500.
- If you file jointly 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.
How much you’ll get as a single taxpayer
A single US resident must have a social security number and an AGI under $75,000 to receive the full amount of $1,200. The sum decreases as your AGI goes up. If your adjusted gross income reaches $99,000, you won’t be eligible for the stimulus.
Heads of household
If you file as head of a household, you will get the full $1,200 payment if your AGI is $112,500 or less, with the amount decreasing till you reach $146,500.
Couples filing jointly
Married couples filing jointly without children with an adjusted gross income below $150,000 will get a $2,400 payment, decreasing to zero at $198,000. For each child age 16 or younger in the family, parents will get a payment of $500. Older children and other dependents may not be eligible for a payment.
If you haven’t filed federal taxes for 2018, do that right now
The IRS said if you haven’t filed your 2018 federal taxes, that could affect your stimulus check and recommends that anyone who hasn’t filed a 2018 tax return to file now.
If you’re retired and didn’t file a tax return for 2018 or 2019, you still may qualify
The IRS will use your Social Security benefit statement to determine if you can receive a payment.
When the checks will go out?
At the White House on Sunday, Treasury Secretary Steven Mnuchin said he expects people will receive their checks within three weeks if they have direct deposit set up with the IRS. If you’ve not set up direct deposit with the IRS, the government will mail your check.
Secretary Mnuchin said for those who don’t have direct deposit set up but want to receive the payment electronically, the federal government will create an online system that will let you set up electronic payments so you get the money deposited directly into a bank account.
Do you need to sign up, apply or request your check?
The federal government will automatically send your check to you electronically or in the mail, if you qualify, according to the IRS.
What to do if you don’t receive your check
If you qualify for a payment, you should expect a notice in the mail from the government with information about where and when it sent your check. If you receive the notice but not the check or direct deposit, contact the IRS using information in the notice.
In addition to the economic stimulus package, the US government delayed the. If you need more help, here’s how to get financial relief.