The United States Congress just passed an unprecedented $2 trillion stimulus bill to try and stimulate the United States economy after the economic crises was caused by the novel coronavirus pandemic. Check your stimulus check value at the end of this post!
Many adult Americans will receive a one-time direct payment. Single adult individuals are eligible for up to $1,200, couples who filed jointly are eligible to receive up to $2,400. If you have children under 16 year old you are eligible for $500 per child. This will be based on your adjusted gross income from your 2019 tax return or 2018 tax return (if you haven’t filed your 2019 income taxes).
The size of the check will decrease based on your income. For individual filers, if you earn more then $75,000, the check will decrease by $5 for every $100 earned over $75,000. For couples who filed jointly, the reduction will start after $150,000 and heads of households at $112,500.
Individuals who earned more than $99,000 and couples who earned more than $198,000 jointly will not receive checks.
If you receive social security but didn’t file taxes in 2018 or 2019, you will be eligible to receive a check without a tax return based on data available to the IRS from your annual Social Security benefits statement. You will receive a check or direct deposit based on the information that was provided on your Form RRB-1099 Social Security Equivalent Benefit Statement. You do not have to file a 2019 tax return.
People who do not receive social security benefits and do not file taxes because their income is low will need to file 2019 taxes to receive a stimulus check. If someone claimed you on their tax refund, you will not get a stimulus check.
Treasury Secretary Steven Mnuchin said the IRS will begin issuing checks within three weeks of the legislation being signed into law. The bill simply calls for payment to be made “as rapidly as possible”
How much will I receive from the stimulus bill?
Answer a few questions below to calculate how much you should expect to receive from the corona virus stimulus bill
Please select your filing status:
Please enter your Adjusted Gross Income for 2019 (Found on line 8b on form 1040):
Please enter how many children you have: