If you’ve been keeping up with the news, then you know that Congress recently passed the largest stimulus bill in US history. It is intended to help out the most financially vulnerable among us, some of whom are in desperate trouble due to businesses closing and jobs being lost. Just about everyone is wondering how to get the money that’s due to them through this stimulus package. Here are the bare facts that you need to know.
How Much Does Each Person Get?
American adults can get up to $1,200 each, while couples can get up to $2,400. This will come as a one-time payment. If you have a qualifying child that is aged 16 or under, then you will get an additional $500.
How Do I Know How Much I Will Get?
The way you determine the dollar amount you’re going to get is by looking at the federal income taxes that you filed in the year 2019. If you did not file your 2019 taxes, then it will be determined by your 2018 taxes. If you have not filed taxes yet for either year, then you must do so. Only by filing those taxes will the IRS be able to calculate your gross income, and that is what is being used to determine your payment size.
If you are a single adult who made $75,000 or less in 2019 (or 2018), then you will receive the full amount, $1,200. If you filed jointly with a spouse or partner, and they also had a gross income of $75,000 or less for that year, then the two of you will get $2,400 together. If you’re a taxpayer who has filed as the head of a household, then you will get the full payment if you earned less than $112,500.
If you made more than that, then you will get less. If you filed as an individual, and you made upwards of $99,000, then you will receive nothing. If you and a spouse or partner filed together, have no children, and you made $198,000 or more, then you won’t get a stimulus check. A two-child family that made more than $218,000 won’t get a check either.
How Can I Get the Money Quickly?
The ones who will get the money the fastest are those who set up their tax return to receive a refund through direct deposit to their bank account. They should expect to receive the money in approximately three weeks, according to Treasury Secretary Steve Mnuchin. That means the first payments should be arriving sometime toward the end of April. If you elected to receive a refund check through the mail, then you’ll probably have to wait longer. Getting your check sometime in May would be a reasonable estimate.
If you have any more questions about the payouts, then you can visit the IRS website. There’s an FAQ section, and you can also contact them directly if you have any questions for which you can’t find an answer.
