Who Will Get Stimulus Money?
Taxpayers with Social Security numbers who are United States residents that have the required adjusted gross income levels and children are eligible.
How much money will you get if you qualify?
- Earning Under $75,000 Adjusted Gross Income Will Get $1,200
- Married Couples
- Earning Under $150,000 Adjusted Gross Income Will Get $2,400
- Head Of Household
- Earning Under $112,500 Adjusted Gross Income Will Get Full Payment
- Anyone That Has Kids
- Taxpayers With Dependent Children Will Receive $500 For Each Child Regardless Of How High Their Income Is.
Calculate your stimulus payment
What If You Make More Than The Amounts Listed Above?
Above the income figures, the stimulus check will be decreased based on your income. Payments will be reduced by $5 for every $100 in income above those AGI Limits. For single people earning $99,000 or married couples who have no children earning $198,000, they will not qualify.
When And How Will You Get Your Stimulus Money?
Payments are expected to get sent out within 3 weeks’ time. The money will be sent through direct deposit or check mailed by the IRS. This timeline seems a little ambitious, but they are doing their best to process this as quickly as possible.
How Does The U.S. Government Know Where To Send The Money?
The Internal Revenue Service will use the direct deposit information that you provided on your 2019 tax return to send your payment directly to your bank account. If you have closed that account or didn’t give the IRS your direct deposit details, then they will mail you a check. If you haven’t filed your tax return for 2019, they will use your information from your 2018 tax return.
Who Doesn’t Qualify?
Any individual making more than $99,000 or married couples who earn more than $198,000 will not qualify. A family with two children would no longer be eligible for any payments if their income surpasses $218,000. However, there is no income limit to qualify for stimulus money for children.
What If You Are On Social Security?
Social Security recipients will receive payments as long as they received SSA 1099 for 2019.
What Year Tax Return Is It Based On?
To qualify for stimulus money, the government is using your 2019 tax return. If you did not file a 2019 tax return yet, they would use your 2018 tax return.