Home FAQ Taxation USA The Relevant Information about the U.S. IRS Stimulus Checks for COVID-19 Relief
The Relevant Information about the U.S. IRS Stimulus Checks for COVID-19 Relief
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Who is eligible to receive the stimulus check? |
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Roughly 125 million people or about 83 percent of taxpayers will receive the check. Recipients must be U.S. resident for taxable purpose, have Social Security Number (SSN) and meet certain adjusted gross income thresholds.
Individuals who receive Social Security retirement or disability benefits, or who receive Railroad Retirement benefits but didn’t file a return for 2019 or 2018 will automatically receive the payment. |
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Who are not eligible for the stimulus checks? |
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How much you can get? |
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Person with income of up to $75,000 will receive payments of USD 1,200. For every USD 100 you earn above that threshold your payment shrinks by USD 5. For examples, someone making USD 85,000 will get USD 700. The payments phase out entirely at an income of USD 99,000. For every qualifying child age 16 or under, the payment will be an additional USD 500.
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What tax year is the Internal Revenue Service (IRS) looking at to determine eligibility? |
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The IRS is using information from 2019 tax returns, or 2018 for those who haven’t filed yet, to determine how much taxpayers will be eligible for with the stimulus checks.
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How do you get the money? |
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If you’re eligible for the stimulus check and you filed a 2018 or 2019 tax return with direct deposit information on it, you don’t have to do anything to get it, the money will be deposited there when the IRS issues payments. If you don’t set up direct deposit, the IRS will send you a paper check.
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When will you get the money? |
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Stimulus checks could be sent to taxpayers as early as April 9,2020. If you don’t provide your direct deposit information with IRS, your paper stimulus check could be sent as early as April 24,2020. The paper check will be sent to taxpayers with the lowest adjusted gross income first.
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