Everything you need to know about the new coronavirus stimulus checks – Community News
Stimulus Check

Everything you need to know about the new coronavirus stimulus checks

How much are the checks worth?

The checks are worth $600 for individuals with gross adjusted incomes less than $75,000 in 2019 and couples earning less than $150,000 — the same income requirements as the first round of checks. The amount of the check then decreases by $5 for every $100 in income above those thresholds, and is completely phased out to $87,000 for individuals and $174,000 for couples.

Individuals under the age of 17 are also eligible for $600 checks, and there is no limit on how many a household can receive. So if a single person made $50,000 in 2019 and has four children under 17, that person is eligible for a $3,000 payment.

Who is eligible for compensation?

You need a citizen service number to be eligible for an exemption check. As mentioned above, individuals earning up to $75,000 and couples earning up to $150,000 receive the full amount. After that, the controls are phased out as described above. Income is based on 2019 tax returns.

Again, adult dependents are not eligible for a check. This time, however, eligible members of mixed-status families — some members of which have Social Security numbers and others don’t — qualify for checks, says Kathleen Romig, senior policy analyst at the Center on Budget and Policy Priorities.

Under the CARES Act, single-member households without a Social Security number disqualified the entire household from receiving a payment. Crucially, family members of citizens can also receive the first check retroactively if they meet the other eligibility requirements.

Do gig workers get a stimulus check?

Yes, as long as you meet all other eligibility requirements.

Are the checks taxed?

The checks are not taxable.

When are the checks sent?

Treasury Secretary Steve Mnuchin told CNBC Monday that the checks could be sent as early as next week.

But arrival times vary for different taxpayers. About two weeks after the CARES law went into effect in the spring, the IRS began sending out the first round of payments. However, it took months for some people to receive their checks as the IRS worked out kinks and collected tax information. Some people still haven’t received the first payment.

This time around, the IRS already has most of the taxpayer information and the infrastructure to send the payments, so the turnaround time could be faster for many people.

How are the checks sent?

The checks will be sent via direct deposit if you have already provided the IRS with your bank account information. Once you’ve received the first check directly into your account, you’re all set.

If the IRS doesn’t have your direct deposit information, you’ll likely receive a check in the mail or a prepaid debit card like the latest round of payment.

What if I still haven’t received the first payment?