Will You Get a Stimulus Check & How Much Will it Be?

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On March 27th, the President signed an economic stimulus package that will offer $2 trillion in assistance to millions of American households affected by the coronavirus.

The stimulus package includes expanded unemployment coverage and the stimulus checks for households that we’ve been hearing about in the news.

Here are some answers to questions you may have about the stimulus checks:

Who will receive a stimulus check from the government?

Virtually any U.S. resident with a valid Social Security number is eligible. Veterans, workers eligible for unemployment, and most people receiving Social Security retirement and disability benefits will receive payments too.

IMPORTANT – Some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Note that young adults who still live at home will not get a check if they can be claimed as a dependent on anyone else’s tax return (whether or not they are actually claimed as a dependent on someone’s return). So a college student whose parents are claiming or could claim them as a dependent on their tax return will not receive a check.

How much money will I get?

Many adults will get $1,200 although this amount will vary by income level. Parents will also receive $500 for each qualifying child.

Find out how much your economic stimulus check will be using this handy tool!

Single adults with an adjusted gross income of $75,000 or less will get the full $1,200. Married couples with no children earning $150,000 or less will receive a total of $2,400. Above these income thresholds, the payment amount will gradually decrease until it stops altogether.

What do I need to do to collect my check?

Nothing! You do not need to register or sign up in any way to receive your payment. If the IRS already has your bank account information, it will transfer the money to you via direct deposit based on the federal income tax figures mentioned above.

In the coming weeks, the Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

If the IRS does not receive your direct deposit information, you will receive a paper check in the mail. Either way, you will also get a letter in the mail within a few weeks of payment, letting you know how your money was disbursed.

When will I get the money?

The Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments will begin in the next three weeks. See more here.

Like so many other aspects of life right now, there’s a lot of uncertainty regarding the government’s economic rescue plan. While we know that payments for households are coming, the Treasury and IRS are still working together to hammer out many of the administrative details.

The IRS has created a website where more information will continue to be posted.