Will I Be Getting a Stimulus Check?
The question on everyone’s lips this month is whether a stimulus check will hit their bank account in response to COVID-19. If you didn’t file tax returns for 2018, you’ll need to file for 2019 to qualify. Then, your eligibility for a stimulus check depends on your adjusted gross income, marital status, and number of dependents.
Qualifying as an independent:
- Income below $75,000
- Income between $75,000 and $99,000*
- Filed tax returns for either 2019 or 2018
Qualifying as a married couple:
- Joint adjusted gross income below $150,000
- Joint adjusted gross income between $150,000 and $198,000*
- Additional $500 for each qualifying child
Does My Child Count as a Dependent?
Your child qualifies as a dependent for the stimulus check if they meet the following:
- They must be related to you (blood, marriage, or adoption)
- They must either be under age 17
- You must financially support them
- They must live with you for at least half of the year
- You must claim them as a dependent on your tax return
- They cannot provide more than half of their financial support during the tax year
- They must be a U.S. citizen, a U.S. national or a U.S. resident alien
How Much Money Can I Receive?
Individuals can receive up to $1,200 and married couples can receive up to $2,400 plus an additional $500 for every qualifying dependent they claim.
Do I Still Qualify if I’m Not Required to File a Tax Return?
Yes, namely social security recipients and railroad retirees. You will not need to file a tax return to receive your check.
What Makes Me Ineligible for a Stimulus Check?
Individuals that earn over $99,000 per year and married couples earning over $198,000 per year with no dependents will not receive a stimulus check.
How Will I Receive My Check?
It will be deposited directly to your bank account that you entered on your tax return. If the IRS does not have your direct deposit information, you can provide that information online here. Otherwise, the check will arrive in the mail.
*Checks for independents between $75,000 - $99,000 and married couples between $150,000 - $198,000 will be less $5 for every $100 above the lower amounts.
This information may be subject to change. To stay up-to-date with the latest on government-issued stimulus payments, please see the IRS’s page here.