As the globe is reeling from the devastation caused by the coronavirus pandemic, it feels like an economic meltdown is just around the corner for many Americans. Many businesses have been forced to close, leaving many employees out of work and many businesses fearing for the future. Unemployment offices are overwhelmed and working as fast as possible, but some Americans are still without an income and looking forward to some financial relief.
That relief could come in the form of economic stimulus checks. After a bit of a rocky start, members of the Senate finally unanimously passed a bill for the largest and most expensive emergency aid package in United States history. If the bill passes in the House on Friday morning, the $2 trillion economic stimulus package could give everyday Americans a bit of a financial break in the weeks to come.
So, what does this mean for you? Here are the answers to some of those questions about the coming economic stimulus checks.
How much will economic stimulus checks be?
Most American households will get a stimulus check, but the amount you get will depend on your income and household.
- Single individuals who made $75,000 or less will get $1,200.
- Married couples filing jointly who made $150,000 or less will get $2,400.
- Individuals who filed as head of household and made $112,500 or less will get $1,200.
- If you have children in the household, you will receive an extra $500 .
- There will be a maximum of $3,400 for a family of four.
Individuals and families who made more than the limits listed above aren’t necessarily out of luck. For every $100 of income over the limits, your economic stimulus check will be reduced by $5.00.
The income limits for the stimulus money and the amount you will receive will be based on either your 2018 or 2019 tax returns.
Who is eligible to receive stimulus checks?
Any American that has been working and filed a tax return in 2018 or 2019 will be automatically considered for a stimulus payment. Individuals on Social Security who received a Form SSA-1099 for the year 2019 will also be considered for a stimulus check, as will disabled vets and those receiving Railroad Retirement benefits.
Individuals with green cards and work visas that are living and working in the United States will also be eligible for stimulus checks.
How will we get the economic stimulus checks?
Most Americans won’t have to worry much about getting their stimulus checks. The IRS will automatically deposit your stimulus money into the account that you’ve used for your direct deposit refunds in the last two years.
The IRS will mail a physical stimulus check or letter to the last know address of taxpayers who have not used direct deposit in the past two years. They will notify you of the amount within 15 days and will also send you appropriate contact information to get your stimulus money.
When will we get stimulus checks?
This is one of the biggest questions on everyone’s minds this week. With any luck, economic stimulus checks will be sent out within the next few weeks, according to Treasury Secretary Steven Mnuchin. The exact date for the arrival of the stimulus checks is not known yet, however. Individuals who filed taxes and opted for direct deposit in the past two years will get their stimulus payments much faster than those who did not.
How can I stay updated on the economic stimulus payments?
Probably the best way to stay updated on the upcoming stimulus payments is by monitoring official government websites, like IRS.gov. The IRS website does not yet have any information available yet regarding stimulus or payment checks, since the economic stimulus bill has not yet passed in the House or been signed by the president.
The IRS does ask that people do not call them with questions regarding the stimulus payments. Instead, the are urged to monitor the IRS Coronavirus Tax Relief page for updates.