AM I Receiving the Stimulus Check
On March 17th, the US Government announced the Economic Relief Payment, deemed by many as the “stimulus check,” as a response to the Coronavirus and hardships caused by the economic shutdown. Therefore, many Americans and US residents are wondering whether they will receive the check. Where will the stimulus check come from, and will it be directly deposited into your account? If so, when? It is each individual’s responsibility to know, first and foremost, if they qualify for the stimulus check. It all begins, however, with first filing taxes. The amount to be received depends mainly on one’s filing status, which include single, head of household, or married filing jointly.
How much are taxpayers receiving?
Individuals who filed as single will receive $1,200, but if they have made more than $75,000 and up to $99,000, the check amount will be reduced to less than the $1,200 originally intended. Additionally, the heads of household will receive $,200, plus $500 per qualified child, but once their income threshold is more than $112,500 and up to $136,500, the check will be reduced to less than $1,200, depending on the income bracket and the IRS computation. Moreover, married couples who file jointly will receive $2,400 plus $500 per qualifying child. Based on their gross income, the amount will be reduced once the income reaches more $150,000 up to $198,000.
Who does not qualify?
Individuals who do not have a social security number and those who are not considered resident aliens for tax purposes do not qualify for the stimulus check. This means those who file for the following forms do not qualify:1040-NR, 1040NR-EZ, 1040-PR, and 1040-SS. Moreover, dependents also do not qualify for the stimulus check because their parents or financial sponsor have already collected a stimulus payment on their behalf as the additional $500 per child.
How am I going to receive the payment?
The IRS will use the payment process used in the last tax return. Direct deposit is the fastest option to receive the stimulus payment, but the IRS will use the taxpayers address used on the last tax return if they did not use direct deposit. In case the taxpayer has not filed for taxes yet, the IRS will use the last return submitted to confirm eligibility. In case the taxpayer has not filed for taxes since they did not have to file, this link is where they will need to enter their bank account information.
Finally, the IRS will send a letter in the mail in the next 15 days as a payment confirmation. For additional information, this link is available for details and more clarification.