What you should know about the COVID-19 stimulus checks:
In an effort to help support Americans with the recent impact of COVID-19, stimulus payments will be sent to roughly 125 million people, or about 83 percent of tax filers beginning April 7, 2020. Bipartisan legislation signed into law by President Trump would provide $1,200 payments to adults with annual incomes up to $75,000, plus another $500 per child. Some Americans earning more than $75,000 would also receive money if they meet certain qualifications outlined below. For most Americans, the money is likely to arrive in April via direct deposit. Mailed checks may take longer.
Do I qualify for a payment? Individuals with adjusted gross incomes up to $75,000 a year will be eligible for the full $1,200 check. Reduced checks will go out to individuals making up to $99,000 a year (the payment amount falls by $5 for every $100 in income above $75,000).
Married couples are eligible for a $2,400 check as long as their adjusted gross income is under $150,000 a year. Reduced checks, on a sliding scale, will go out to married couples who earn up to $198,000. Married couples also will receive an additional $500 for every child under 17.
People who file as a “head of household” (typically single parents with children) are eligible for a $1,200 check if they have an adjusted gross income up to $112,500 a year. Reduced checks on a sliding scale are available for heads of household earning up to $136,500 annually. Heads of household will also receive an additional $500 per child under 17.
Where will my check be sent to? If you have already filed a 2019 tax return the Internal Revenue Service will use the direct deposit information on your 2019 return to send your payment to your bank account. If you don’t provide the IRS with your direct deposit details or you closed that account, then the IRS will mail you a check. If you have not filed for 2019 the IRS will use your bank details or mailing address from your 2018 tax return.
What about people on Social Security? People on Social Security — both retirees and those on disability — are eligible to receive the coronavirus relief payment as long as their total income does not exceed the limit. Treasury has clarified that people on Social Security who do not normally file a tax return will automatically receive the payment. They do not need to file anything else.
What’s the cutoff date to file my 2019 tax return and get a check? You should file ASAP if you can. Filing a 2019 return is especially important for people who need to update their direct deposit information or for people who would not qualify for a check based on their 2018 tax return but would qualify based on their 2019 information.
For more details questions and answers the IRS created a website with the latest information.
Source: The Washington Post