This may come as a surprise, however not all will receive a $ 1,200 stimulus check.
Here’s what you need to know.
As part of the CARES Act – the $ 2.2 trillion stimulus package – most Americans will receive a stimulus check that can be as much as $ 1,200 per person. person. But to be clear, not everyone will receive a stimulus check. Additionally, if you receive a stimulus check, your check can be less than $ 1,200. How is it possible?
Who gets a stimulus check
The following people will receive a stimulus check (also known as a financial impact payment) automatic:
- You are a U.S. citizen or resident who has filed federal income tax for 2018 or 2019 if you meet the income limits;
- You receive social security pension, disability (SSDI) or survivors’ benefits; or
- You receive a railway pension.
How much money can I get?
The size of your stimulus check depends on your adjusted gross income, as stated on your federal tax return, subject to income limits:
Individuals: $ 1,200
Married couple: $ 2,400
Supported children: $ 500 (must be under 17)
What are the income limits?
The good news is that there is none minimum adjusted gross income limit. However, there is a maximum income limit, and your stimulus check amount is phased out (reduced) by $ 5 for every $ 100 above certain income levels based on your tax application status. If your adjusted gross income is less than this amount, you will receive a $ 1,200 stimulus check (or $ 2,400 for married couples applying jointly):
- Single Files: $ 75,000
- Household Head: $ 112,500
- Gift / Joint Filer: $ 150,000
So what if I earn more than these amounts? Am I still eligible for a stimulus check?
It depends on how much money you make. First, if you qualify for a stimulus check and earn more than the adjusted gross income levels mentioned above, then your stimulus check will be less end $ 1,200 pr. person. Why? Keep in mind that the stimulus check starts phasing out (being reduced) by $ 5 for every additional $ 100 of adjusted gross income you have over these amounts. Therefore, the size of your stimulus check will be lower based on the more adjusted gross income you have.
By what income am I not eligible for a stimulus check?
If your income is greater than these amounts, you will does not get a stimulus check:
- Single Files: $ 99,000
- Joint Files (no children): $ 198,000
When do I get my stimulus check?
The first checks were sent as early as April 9 via direct deposit to taxpayers who provided their direct deposit information on their 2018 or 2019 federal tax return. Check your bank account to find out if your deposit has arrived. Most direct payments should arrive by April 14th. If you have not provided direct deposit information, a paper stimulus check will be sent to you. The IRS will begin sending paper stimulus checks from April 24. Approximately 5 million checks are expected to be sent each week, starting with the taxpayers that lowest adjusted gross income. Therefore, paper checks can take several months between May and September (depending on your adjusted gross income) to arrive. On April 17, the IRS is releasing a new online tool called Get My Payment, which will also allow you to enter your direct deposit information to get your stimulus check faster.