The Coronavirus Aid, Relief and Economic Security Act (CARES) — a $2 trillion stimulus package to provide financial relief to individuals, families and businesses. The 2020 coronavirus stimulus package will deliver relief through a range of measures, including an advanced tax rebate to taxpayers.
Who is eligible for the stimulus payment? Will I get a stimulus check?
Individuals with adjusted gross income (AGI) up to $75,000, $112,500 Head of Household, and married couples filing jointly with up to $150,000 in income and an eligible social security number will receive the full payment. For tax filers with income above these amounts, the stimulus payment decreases by $5 for each $100 above the thresholds. Single filers who make more than $99,000, Head of Households that make more than $146,500, and joint filers with no children who make more than $198,000 are not eligible for the stimulus payment.
If you filed tax returns for either 2018 or 2019, you’ll automatically receive a stimulus payment of up to $1,200 for individuals, $2,400 for married couples, and $500 for each qualifying child, based on your latest taxes filed.
How much stimulus money will I get?
If you’re wondering how much money you may qualify for under this relief package, TurboTax can help — just fill out the simple fields in our stimulus calculator here to see your estimated amount.
Eligible taxpayers will receive up to $1,200 for individuals, $2,400 for joint taxpayers and an additional $500 for each qualifying child under 17.
If you have an adjusted gross income (AGI) of up to $75,000, $112,500 Head of Household, $150,000 married filing jointly, you should be eligible for the full amount of the recovery rebate. The stimulus check rebate completely phases out at $99,000 for single taxpayers, $146,500 for those filing as Head of Household and $198,000 for joint filers with no kids. Your eligibility will be based on information from your most recent tax filings.
When will I get my stimulus check? How long will it take to get my stimulus check?
According to the IRS, the distribution of stimulus checks will begin in the next three weeks.
Can I get my stimulus check if I haven’t filed my 2019 taxes?
Stimulus checks will be based on information from your most recent tax filings, either tax year 2019 or 2018 (if you have not yet filed this season).
To ensure that the IRS has the most current information, the first step you should take right now is to file your 2019 tax return, if you have not already. And, if you are getting a tax refund, be sure to choose to receive that refund through direct deposit.
I’ve already filed my 2019 taxes — do I need to do anything else to receive my stimulus checks?
If you have filed your 2019 taxes, you don’t need to take any further action in order to receive your stimulus check.
How will I get my stimulus check? Can the IRS send the stimulus payment to me via direct deposit?
The IRS will be using the information from your most recent tax return to send you your stimulus check.
I filed a tax return in 2018 and/or 2019 but didn’t provide my direct deposit information. Can I still get a stimulus check if the IRS does not currently have my direct deposit information?
The IRS won’t have your direct deposit information if you didn’t provide it on your 2018 or 2019 tax returns. This could happen if you had a balance due for 2018 and 2019 or if you requested your refund by check for those years.
In the coming weeks, the Treasury plans to develop a web-based portal for you to provide your banking information to the IRS online so that you can receive payments immediately as opposed to checks in the mail. Be sure to check back here for more information.
Can I still get a stimulus check if I don’t need to file a tax return because I don’t have income from wages or make enough money? How will I get my stimulus payment?
You may not need to file a tax return because you earn income below the IRS filing threshold and aren’t required to file federal income taxes.
If you aren’t required to file a tax return, don’t worry — you are still eligible to receive a stimulus payment.
Can I still get a stimulus check if I only have Social Security income and don’t file a tax return? What do I need to do next?
If you receive Social Security income and are not typically required to file a tax return, you do not need to take any action — you will receive your stimulus payment directly in your bank account.
The IRS will use the information from your Form SSA-1099 or Form RRB-1099 to generate your stimulus payment if you did not file tax returns in 2018 or 2019. Keep in mind that you will receive your stimulus payment as a direct deposit or by paper check, depending on however you normally receive Social Security benefits.
If I just lost my job, but don’t qualify for a stimulus check based on 2018 or 2019 income. What does that mean for me?
If your 2018 and 2019 income was above the threshold, a stimulus check will not be automatically deposited into your bank account in the next couple weeks, but you might see it in the form of a tax credit when you file your 2020 tax return in 2021, as the credit is for 2020.
Does the stimulus payment impact my eligibility for other assistance programs?
The stimulus payments are not considered taxable income and will not affect eligibility for other government programs and benefits. Additionally, the bill temporarily suspends some of the requirements to use tax refund money to repay debts, including money owed to the IRS.
I am claimed as a dependent on my parents’ tax return but I also work and file a tax return. Will I receive a stimulus check?
Under the CARES Act, if you are claimed as a dependent on someone else’s return you cannot receive a stimulus check.
I owe (a previous tax debt/student loan debt) can I still receive a stimulus check?
Yes, the CAREs Act waives any previous outstanding tax debt or student loans when issuing stimulus checks. The only debt that is not waived is unpaid child support payments.
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