Americans have been hearing for weeks about the promise of IRS stimulus checks to help combat the economic damage of COVID-19. But, for many, some questions have still gone unanswered. We have sifted through all the facts and have highlighted the most important information you need to know in the post below.
Do I qualify?
So first and foremost, do you qualify? Most Americans will qualify for some form of stimulus relief check. Whether or not you qualify is predominantly based on your Adjusted Gross Income and tax filing classification.
Those who do not qualify are single tax filers who earn an Adjusted Gross Income (AGI) of $99,000 or more and joint tax filers with an AGI of $198,000 or more. If you are not in either of those categories then you can expect to see some sort of stimulus relief check.
If you have further questions about whether or not you qualify, we recommend visiting this link for assistance.
How much can I expect to receive?
The maximum payment for single tax filers is $1,200 and this is predicated on the fact that your AGI is less than $75,000. If your AGI is more than $75,000 then your payment will gradually phase out at a rate of $5 for every $100 you are over the $75,000 threshold.
For joint tax filers with no children and an AGI less than $150,000, you can expect to receive $2,400 in your stimulus check. If you have children, there is an additional $500 per child (younger than 17) given to parents as long as you fall within the AGI requirements. So, for example, if you are married with 3 children (under the age of 17) and have a combined AGI of $120,000 between you and your spouse you should expect to receive $3,900.
You can calculate what you should expect to receive with this stimulus plan calculator.
When can I expect to receive the check?
Although not a popular answer, the truth is that it depends. The U.S. Department of Treasury has stated that direct deposit payments will begin on April 9th. So if you have already filed your 2019 taxes to the IRS and have direct deposit set up then you can expect to receive your stimulus check into the account where you received your tax return in the next week or so.
If you have not used direct deposit during your tax return filings in either 2018 or 2019 then you can expect to receive the check by mail. Unfortunately, this will take a little bit longer. The mailing schedule is based on income. According to the Washington Post, you can expect the mailings to begin in early May for the lower income brackets. The schedule is being reported as follows:
|
Income Level |
Mailing Date |
|
Less than $20,000 |
May 1st |
|
Less than $30,000 |
May 8th |
|
Less than $40,000 |
May 15th |
|
Less than $50,000 |
May 22nd |
|
Less than $60,000 |
May 29th |
|
Less than $70,000 |
June 5th |
|
Less than $80,000 |
June 12th |
|
Less than $90,000 |
June 19th |
|
Less than $100,000 |
June 26th |
|
Less than $110,000 |
July 3rd |
|
Less than $120,000 |
July 10th |
|
Less than $130,000 |
July 17th |
|
Less than $140,000 |
July 24th |
|
Less than $150,000 |
July 31st |
|
Less than $160,000 |
August 7th |
|
Less than $170,000 |
August 14th |
|
Less than $180,000 |
August 21st |
|
Less than $190,000 |
August 28th |
|
Less than $198,000 |
September 4th |
We hope you found this information useful! If you are looking for more information, we highly recommend visiting the IRS Coronavirus page .