With stores, restaurants, and other businesses being closed and massive layoffs in different industries, the world is coming up to a recession or even worse a depression.
It is not a surprise that given the events in recent months that the world’s economy has suffered a major blow.
As part of an aid package, the US government passed a bill to help the American people in these harsh times.
What is Included in The Bill?
You will receive a check for $1,200 if you are a single filer or $2,400 for couples filing jointly.
If you have children you claim on your tax return that are age 17 and under you will receive $500 for each child
If your AGI is less than $75,000 and a single filer or Married couple filing jointly and AGI is less than $150,000, you will then receive the full amount.
If you fall in the category were your AGI exceeds $75,000 for single filers or $150,000 for married filing jointly then the stimulus check will start phasing out.
For every $100 you make above the limit, your check will be reduced by $5
If you are a single filer, you will receive the following amount
- If your AGI is 75K or less, you will get a check for $1,200
- If your AGI is more then 75K and less than 99K you will receive a check between $1,195 and $5 ( for every $100 you make above 75K your check will be reduced by $5
- If your AGI is more than 99K you don’t qualify for the stimulus check
If you are married filing jointly, you will receive the following
- If your AGI is 150K or less, you will get a check for $2,400
- If your AGI is more then 150K and less than 199K you will receive a check between $2,395 and $5 ( for every $100 you make above 150K your check will be reduced by $5
- If your AGI is more than 198K you don’t qualify for the stimulus check
Do I Qualify for a Stimulus Check?
You must have filed a tax return for the tax year 2019 or 2018 in order to qualify for the stimulus check.
Note: If you have not filed a tax return yet, you still have time. The IRS postponed the tax deadline until July 15, 2020.
If you no longer work and just receive social security income you are legible for a stimulus check.
When Can I Expect to Receive The Stimulus Check?
According to Steven Mnuchin, the Treasury Secretary, checks should start going out in two weeks.
We want to make sure Americans get money in their pockets quickly
Treasury Secretary Steven Mnuchin
Historically speaking these types of stimulus checks have had a longer turnaround. About six weeks in general.
Also, because of the phase-out limits, the IRS has to analyze and go through millions of tax returns to see who qualifies.
Given that the IRS is working with reduced personnel it will most likely take a bit longer.
Is My Stimulus Check Taxable?
No, it is not taxable.
See how to pay less taxes with these easy tips.
Will I Receive The Stimulus Check if I am Someone’s Dependent?
No, you will not receive a check since you did not file taxes for yourself and you were claimed as a dependent on someone else’s tax return.
How Much Will I Receive if I am Married with 2 Kids?
If you are married and filed jointly and have 2 children you will receive $3,400. This is if your AGI is less than $150,000.
Can I Be a Single Parent and Still Qualify for The $500 for My Child?
Yes, as long as you claim your child as a dependant in your taxes in 2019 or 2018.
I am an Expat Will I Receive a Check Too?
The bill has no income or US expat liability requirement.
Most expats don’t have a US tax liability. Therefore, most choose to not file a tax return.
All expats that filed taxes in tax year 2018 or 2019 should be eligible for the stimulus check.
How Will I Receive The Stimulus Check?
Your tax return information will be used to process direct deposits. If you request a paper check, keep in mind that it will take 2-3 weeks or longer.
Who Will Not Receive an Economic Stimulus Check?
- People that do not have a social security
- People that are claimed as dependent in someone else’s tax return in 2018 or 2019
- People who did not file a tax return in 2018 or 2019
- People that do not have earned income (w-2 or 1099)
What Should I Do with The Stimulus Money?
Work on your budget if you have one if not create a budget.
If you have any debts, set aside a percentage to pay off debt.
Also, don’t forget to put some money into your emergency fund too.
Furthermore, don’t forget to save for the future. It is important to save money for retirement.
I Owe Child Support. Will I Receive The Stimulus Check?
If this is your case, and you owe back child support and you still waiting for your Stimulus check payment is likely you will not receive one.
I Owe Creditors or Collection Agency Money. Will I Get a Stimulus Check?
These agencies are taking your stimulus money as payment. It is less than likely that you will receive the Stimulus check.
I File Single and Make More Than $99,000. Will I Get a Stimulus Check?
If this is your situation, you will not receive an Stimulus check
If Filing Married and We Make More Than $198,000. Will We Get a Stimulus Check?
If this is your situation, you will not receive an Stimulus check
The Stimulus Check Was Deposited Into an Account I Don’t Recognize
In this case the bank is supposed to reject the payment and notify the IRS of the error.
The IRS could do the following:
- Deposit the money in the correct account
- Send you a paper check via mail
I Receive My Tax Refund Via Check. How Would I Receive My Stimulus Money?
You will have to wait to receive the check via mail.
I Filed Taxes For Years 2018 and 2019 But Have Not Received a Check.
You can go to the IRS website and use the Get My Payment Tool to see the status of your check.
