When Are We Getting The Stimulus Check: Americans everywhere have been affected hard by the Coronavirus/Covid-19 pandemic, with much of the economy in a holding pattern despite nationwide efforts to stop the spread of the virus. Fortunately for individuals in need, some short-term economic aid is coming in the form of federal government stimulus checks.
As a part of the record-setting $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted in late March by Congress, most people will get a one-time payment of up to $1,200, though the precise amount depends on your income.
Adults will receive an additional $500 for every qualifying child age 16 or younger, while married couples without children earning below a particular level will receive a total of up to $2,400. You do not need to apply to receive a payout.
Now that U.S. government stimulus checks have converted from a dream into a reality, what’s the #1 question on everyone’s mind? When will I receive my money? The quick answer? It’s complicated.
Covid-19 Stimulus Check Eligibility Requirements
Before we get into when your money from the government will arrive, you need to know how much money you’ll be getting, if any at all. To evaluate your eligibility, the Internal Revenue Service will use your 2019 tax return. If you have not yet submitted your 2019 taxes, the IRS will use your 2018 return instead. You may also read Stimulus Check
Anyone who has not filed a 2018 return may use a 2019 Social Security statement that indicates your income as reported to the IRS by an employer. If you’re a single adult with a Social Security number and your adjusted gross income is $75,000 or less, you’ll get the whole $1,200.
For married couples filing a combined return, the income maximum to get the entire $2,400 is $150,000, adding an extra $500 for each qualified kid. If your annual income is higher than $75,000 or $200,000, your stimulus payment will be decreased by $5.
Single filers who make more than $99,000 and joint filers with income exceeding $198,000 are not eligible for stimulus funds. Unfortunately, college students whose parents claim them as dependent do not eligible for a stimulus check either.
When Will You Get Your Money?
The IRS has already started distributing electronic payments to millions of Americans, although the exact date your money will be received varies on your specific situation. The time with which you’ll receive your money primarily relies on how you filed your taxes.
The IRS can deliver electronic payments rapidly, but they must print and mail paper checks for select recipients, which takes more time. On April 15th, the IRS launched a portal to follow the status of your stimulus payment. To track your payment, you’ll need your social security number, your birthdate, your residence, and your zip code — provided you filed your 2019 or 2018 tax return.
Additional options exist on the IRS website for qualifying non-filers to submit their information and obtain their refund. On April 2, Treasury Secretary Steve Mnuchin indicated that qualified Americans who have signed up for direct deposit payments should get them within two weeks, a procedure which is already started.
A spokeswoman for the Treasury Department expects 50 million to 70 million Americans to get their checks via direct deposit by April 15, according to The Washington Post. However, if you didn’t sign up for a direct deposit while completing your tax return and require a paper check, you might suffer some delays.
In fact, because the government lacks banking information for millions of Americans, $30 million in paper checks won’t begin distribution until April 24, or longer. The IRS proposes to distribute physical checks to the lowest-income Americans first, starting on April 24 with individual taxpayers earning $10,000 or less, according to an internal IRS proposal acquired by The Washington Post.
Next up will be cheques for earners of $20,000 or less to be mailed on May 1, followed by payouts for persons with salaries of $30,000 on May 8 and $40,000 on May 15, continuing in increasing increments of $10,000 each week.
Under the current plan, this procedure will continue until printed checks are given on Sept. 4 to joint taxpayers making a maximum of $198,000. All remaining paper checks will be sent on Sept. 11, largely to those for whom the IRS did not have earlier tax information.
For further information on stimulus payments and qualifying conditions, please visit the IRS’s Coronavirus stimulus payment hub. We will update this item when the situation evolves and the payment procedure begins.
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