When will I get my stimulus check and How much?
The $2 trillion economic stimulus package Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and includes a one-time cash payment of up to $1,200 to many Americans with Social Security numbers. The stimulus checks are one-time payments from the government to help US citizens. They are not an advance on your future tax refund.
When you’ll receive your stimulus check – How much will I receive Single
The legislation will give single adults who reported adjusted gross income of $75,000 or less on their 2019 (or their 2018 return if they have not filed yet) tax returns a one-time payment of $1,200. The size of the payment will decrease based on income for individuals who earned more than $75,000 based on their federal tax return for 2019 (or their 2018 return if they have not filed yet). The payment for individuals will shrink by $5 for every $100 earned over $75,000.
When you’ll receive your stimulus check – How much will I receive Married, Head of Household
For couples who filed jointly, the reduction will start once they earn more than $150,000; for heads of household, at $112,500. This calculator can help you determine how much you might receive in a stimulus check. Married couples who filed jointly will receive $2,400. Families will get an additional $500 for each child under the age of 17.
Taxpayers who have filed 2018 or 2019 tax returns and for whom the IRS has direct-deposit information should receive their payment via direct deposit. This calculator can help you determine how much you might receive in a stimulus check.
When you’ll receive your stimulus check – How much will I receive Retired
Americans who are on Social Security retirement and disability, whether or not they have filed a tax return in 2018 or 2019, will receive a check.
File your 2018 tax return now
If you haven’t filed your 2018 or 2019 file your 2018 taxes now to insure that you get your check as soon as possible.
When you’ll receive your stimulus check (Estimated)
Week of April 13, 2020: 60 million checks distributed through direct deposit
Week of May 4, 2020: The IRS will start sending paper stimulus checks.
Each week thereafter: Approximately 5 million paper checks will be issued each week.
Based on this tentative schedule, the memo says that some Americans may not receive their check until the week of August 17.
These dates are evolving and contradictory information keeps coming out from the US Treasury department.
Get more up to date info from the IRS here.
Thanks Carol @ chicagoonthecheap.com