If people aren’t talking about social distancing, they are talking about the stimulus checks that should be starting to get sent out by the government soon. The effects of COVID-19 on our economy have been devastating to many. For that reason, the government has decided to step in and hopefully help people get by when the future still seems so uncertain. In the next few weeks, these payments should start to show up in bank accounts across the country. Mark Dicus & Company is here to share some information about what you should expect from this $2 trillion stimulus package.
Stimulus Check Dollar Amounts & Income Requirements
There are some figures that you should be aware of when trying to calculate what your stimulus check is going to look like. There are three different figures that will be sent out to millions of Americans in the next few weeks. $1,200 will be sent to individuals filing taxes, $2,400 will be sent to married couples filing jointly and $500 will be sent to qualifying children under 17 years old. These amounts will be sent to individuals that have an adjusted gross income (AGI) of $75,000 or less, couples filing jointly that have made $150,000 or less and anyone making more than those figures will start to be phased out. If you make more than $99,000 individually, or $198,000 as a joint filing, you will not receive a check.
Stimulus Checks are Based on Tax Returns
For many people that have already filed their 2019 taxes and find that they don’t qualify for a stimulus check, but have found themselves unemployed after this pandemic, you may be feeling frustrated at the thought of not getting the money that you desperately need right now. However, if your income drastically decreases this year, you can claim this on your taxes next year and still get the check. It may just be much later than others.
How Will I Get My Stimulus Check?
If you have filed your 2019 taxes and given the government a bank account to direct deposit it into, you will be receiving the stimulus checks in the very same way. If you didn’t list a bank account on your tax return, then you will have to wait for a physical check to be sent out in the mail. The IRS plans to send out 5 million checks each week until everyone has gotten their checks.
If I Owe the IRS, Will it Affect Your Stimulus Check
No one likes to come out of tax season owing the IRS any money. However, if you do owe after filing this year, this won’t have an effect on the stimulus checks you are supposed to receive. The only time that these checks will be withheld is if you owe child support money.