Stimulus check 2020: Here is what you need to know about your Economic Impact Payment. For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. Eligible US taxpayers can receive up to $1,200 from the federal government as part of a $2 trillion relief package intended to help people pay rent, purchase essentials and jog the economy as unemployment levels rise. The first 2020 stimulus checks should start to arrive shortly, the second or third week of April 2020. Help for small business owners from SBA Paycheck Protection Program.
Stimulus Check Requirements 2020
Who is eligible for Stimulus Check?
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
– $75,000 for individuals
– $112,500 for head of household filers and
– $150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their AGI is between:
– $75,000 and $99,000 if their filing status was single or married filing separately
– 112,500 and $136,500 for head of household
– $150,000 and $198,000 if their filing status was married filing jointly
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
Who is not eligible for Stimulus Check?
Although some filers, such as high-income filers, will not qualify for an Economic Impact Payment, most will.
Taxpayers likely won’t qualify for an Economic Impact Payment if any of the following apply:
– Your adjusted gross income is greater than
– – $99,000 if your filing status was single or married filing separately
– – $136,500 for head of household
– – $198,000 if your filing status was married filing jointly
– You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return.
– You do not have a valid Social Security number.
– You are a nonresident alien.
– You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.
How much is Stimulus Check worth?
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
Do I need to take action to get Stimulus Check?
People who filed a tax return for 2019 or 2018
No additional action is needed by taxpayers who:
– have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
– haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.
People who aren’t typically required to file a tax return
Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don’t need to take action.
For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child.
There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. Taxpayers can check the IRS.gov tool – Do I Need to File a Tax Return? – to see if they have a filing requirement.
The IRS will soon provide guidance for these individuals on the steps to take to get their payment as soon as possible.
Payment recipients: watch for an IRS letter regarding your Stimulus Check
For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment.
How can I get a stimulus check 2020?
You will get a stimulus check if you fou filed a tax return this year or last year.
How much money can I get from Stimulus Check 2020?
Individuals: $1,200
Married Couples: $2,400
Dependent Children: $500 (must be less than 17-years-old)
How do I claim my stimulus check?
Except filing a tax return, you don’t have to do anything to claim your stimulus check. The IRS will send you a check automatically to either your bank account through direct deposit or your mailing address listed on your tax return.
Stimulus Check 2020 Schedule And Release Dates
When will I get my stimulus check?
Direct Deposit: within a few weeks
By Mail: within a few weeks (or a few months), see expected dates bellow.
Treasury Secretary Steven Mnuchin has said most Americans will receive their stimulus check by April 17, 2020.
Timetable from the IRS, stimulus checks could be distributed as follows (of course, these dates are subject to change):
April 9, 2020
Stimulus checks could be sent to some taxpayers as early as Thursday, April 9. If you filed your income taxes in 2018 or 2019 and provided your direct deposit information to the IRS, your stimulus check could be sent today. Estimated arrival time in your bank account could be on or before April 14, 2020.
April 24, 2020
The IRS will begin sending paper stimulus checks. The plan is to send paper stimulus checks to taxpayers with the lowest adjusted gross income first. Therefore, taxpayers who earned less than $10,000 will receive a paper check first.
May 1, 2020
This week, the IRS will send paper stimulus checks to taxpayers who earned between $10,001 and $20,000.
May 8, 2020
This week, the IRS will send paper stimulus checks to taxpayers who earned between $20,0001 and $30,000.
May – September 2020
From May through September, the IRS will continue to send paper checks in order from lowest income to highest income based on 2018 or 2019 tax information.
September 4, 2020
The IRS will mail any remaining checks, such as to married couples making $198,000 (the maximum joint income that is eligible to receive a stimulus check).
September 11, 2020
The IRS will send checks to those who didn’t provide contact information to the IRS.
Stimulus Check External Links: