Coronavirus Checks PAULA HELIT
Who will get the checks? Information about the stimulus checks.
The U.S. government is about to send checks — or direct deposits — to most Americans to help people survive financially as much of the economy shuts down in an effort to slow the spread of the novel coronavirus.
Bipartisan legislation passed by the Senate on Wednesday evening — which still must be passed by the House — 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.
Who exactly qualifies for a payment? Individuals earning 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 earn 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.
Q: Will I get a check?
A: That depends. You need to (1) meet the income eligibility and (2) file a return, unless you already receive Social Security or Railroad Requirement benefits. If they get Social Security, SSDI or Railroad Retirement benefits they won’t have to file but will get the rebate. SSI is not included unfortunately.
Q: How much will I get?
A: A single filer who is eligible for the full amount will receive $1,200. Joint filers eligible for the full amount will receive $2,400. If you have children, you will also receive $500 per child. So as an example, a family of four eligible for the full amount will receive $3,400. ($2,400 + $500 x kids.)
Q: Am I eligible?
A: The rebate amount starts phasing out at $75,000 for a single filer and $150,000 for joint filers. Filers who are under this amount will receive the full rebate. Single filers with an income between $75,000 and $99,000 will receive a partial rebate. Single filers over $99,000 will not receive a rebate. Joint filers with an income between $150,000 and $198,000 will receive a partial rebate. Joint filers with an income over $198,000 will not receive a rebate.
Q: How do I get the rebate?
A: If you filed a tax return in 2018 or 2019, or you receive Social Security, Social Security Disability, or Railroad Retirement benefits, you will receive the rebate automatically. If you provided bank account information to receive your tax refund as a direct deposit, you will receive your rebate that way. If you did not provide information for direct deposit, you will be mailed a rebate check to the address provided on your 2018 or 2019 tax return, whichever you filed most recent. If you did not file in 2018 or 2019 but you receive Social Security benefits, you will receive the rebate the same way you receive your Social Security benefit.
Q: What if I don’t get Social Security benefits, and I also didn’t file in 2018 or 2019?
A: You will need to file a return to receive your rebate. You can find out how to file a return for free at irs.gov.
Q: How soon will I get this rebate?
A: Congress directed the IRS to send the rebates as rapidly as possible. With that said, it could still take a month or longer. The fastest way to receive your rebate is if you already filed a tax return and provided your direct deposit information. If you have not done that, you should file as soon as possible. For information, including potentially free options, go to irs.gov.