By now, you’ve probably heard that some Americans are already receiving their stimulus check! The US Government has authorized these disbursements to help people make ends meet during the unexpected coronavirus crisis.
Will I get a 2020 stimulus check?
There are several criteria that determine whether or not you will receive a check. In fact, the checks are considered a tax rebate.
You must meet certain income limits.
You must earn less than $99,000 as an individual or $198,000 as a couple. If you exceed those income limits, you will not receive a check. The maximum amount will be given to individuals who earn $75,000 or less (or couples who earn $150,000 per year or less).
You must have a Social Security Number.
In order to receive the check, you must have a social security number. The Institute on Taxation and Economic Policy has stated that immigrants who file using an Individual Taxpayer Identification Number (ITIN) will not be eligible for the 2020 stimulus checks.
You must have filed a tax return for 2018 or 2019 (or complete the Non-Filer Information Form).
If you didn’t file a tax return in 2018, you will need to file one in 2019 in order to receive a check. If you have filed a return for 2019, your return will be based on your 2019 income. Otherwise, your 2018 return will be used.
The law states that people who receive Social Security retirement or disability compensation are eligible. Unemployed people. veterans and citizens living abroad are eligible, too. However, you will need to use the non-filers information form on the IRS website in order to receive your stimulus payment.
You can’t be someone else’s dependent.
Even if you are an adult, you will not receive a stimulus check if you are listed as someone else’s dependent. For example, if you are a college student and your parents pay at least half of your expenses, you will not be eligible for a 2020 stimulus check.
How much money will I get?
The amount you will receive depends on how much you earned on your last tax return. The number that matters is your AGI, or adjusted gross income.
Individuals who earn up to $75,000 per year (and couples with no children who earn up to $150,000 per year) will receive the full amount of the stimulus check. That’s $1,200 per individual, or $2,400 per couple. You will also receive $500 per child age 16 or under.
Partial checks will be awarded to those individuals who earn less than $99,000 and couples who earn less than $198,000. If you fall into this category, your check amount will be reduced by 5% for every dollar you earn over $75,000.
Any individual who earns more than $99,000 per year or couple with no children who earns more than $198,000 per year will not qualify for the stimulus checks. The numbers are slightly higher for families with children. For example, the Senate Finance Committee has stated that a family with two children has an income limit of $218,000.
Do I have to do anything to get the check?
You do not need to do anything as long as you meet at least one of the following criteria:
- You have filed taxes in 2018 or 2019.
- You already signed up on TurboTax, FreeFileUSA or IRS
- You received a 1099 from Social Security AND one of the two following options applies to you.
- (1) You do not have children under the age of 17 OR
- (2) Your children are claimed on the other parent’s taxes
- Someone claimed you as a dependent on their tax returns in 2019
If you do not meet any of those criteria, then you will need to visit the IRS website and click the button that says “Non-Filers Enter Payment Info Here.” It is best for people who receive SSI to manually enter their information as well, especially if they have children under the age of 17 in their household.
You will need to provide the IRS with your:
- Full name
- Current mailing address
- Email address
- Bank account information
- Driver’s License or State ID
- IRS PIN, if you have one
If you have children, you will also need to provide their name, Social Security number or adoption taxpayer identification number.
When will I receive my 2020 stimulus check?
Some people have reported already receiving their stimulus check. Others will take longer. We’ve got the full stimulus check schedule right here!
How will the 2020 stimulus check be sent?
The IRS will distribute the funds. A notice should be sent from the IRS to your last known address. The notice will describe how you will receive the money. It will most likely be sent via direct deposit or paper check.
According to Senator Brown, the IRS will send your rebate to your account through whatever direct deposit information they have on file. If they don’t have direct deposit information for you, they will send a paper check to your last known address.
According to the New York Times, the payment will be based on the most recent income-tax figures the agency has.
Will my stimulus check be garnished?
No. The same bill that authorized these checks also temporarily suspended all efforts to garnish tax refunds. This includes garnishing tax refunds for debts to the IRS! However, the waiver may not apply to past-due child support payments.