COVID-19 is wreaking havoc across the nation, resulting in stock markets crashing, industries collapsing, and unemployment soaring. White House officials and Congress have been scrambling in an attempt to save the U.S. economy. After much consideration, the government recently passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act will provide stimulus checks to qualifying individuals. Are you eligible for the stimulus check?
Qualifying for the Stimulus Checks
Your eligibility for the stimulus check is based on your Adjusted Gross Income from your most recent tax return. If you have already filed your 2019 tax return, the IRS will use this information instead of your 2018 tax return.
Single Taxpayers that have an Adjusted Gross Income of $75,000 or less will receive a check of $1,200. For each child they claim as a dependent, they will receive $500 if he/she is under the age of 17. The amount is subject to change as the taxpayer’s income increases. However, if the taxpayers income is over $99,000, he/she will not qualify for the stimulus checks.
Married Taxpayers are also eligible for the stimulus checks. Income limits for joint filers are double those of single filers. Joint filers that have an Adjusted Gross Income of $150,000 or less will receive a check of $2,400. For each child they claim as a dependent, they will receive $500 if he/she is under the age of 17. The amount is subject to change as the joint filers income increases. If the joint filers income is over the limit of $198,000, the couple will not be eligible for the stimulus check.
Those who receive disability benefits or Social Security retirement will also be eligible for a stimulus check, even if they earn too little to file a return. This will be based on the information sent to the IRS in 2019 forms RRB-1099 and SSA-1099.
How Will the IRS Send Checks?
The IRS will be sending the stimulus checks in the same manner the taxpayers requested their most recent tax return. If the taxpayer filed electronically and provided direct deposit information, the IRS will automatically deposit the amount into the taxpayer’s bank account. However, if the taxpayer did not provide direct deposit information, the IRS will mail the stimulus check.