It also provides hundreds of billions in loans to struggling small businesses and larger companies.
Well answer more questions in this coronavirus stimulus checks FAQ as information becomes available.
Will I get a check?
This post refers to stimulus checks issued in 2020. For the most up-to-date info, check out ourrecent tax articles.
How much will I get?
No Interest Til Almost 2027?
For people who file as head of household, the phase-out ends at $136,500.
Did you know?
you’re able to Get Paid Up to $140/Month Just for Sharing Your Honest Opinion
2.
What tax return will be used to determine my eligibility?
If youve already filed your taxes, your 2019 return will be used.
Otherwise, your 2018 return will determine your eligibility.
Reminder: This yearstax filing deadlinehas been pushed back 90 days to July 15.
- Who WONT qualify for the stimulus checks?
I havent lost my job or had my hours cut due to coronavirus.
Will I still get a check?
Eligibility is based on your 2018 or 2019 income.
Your current employment status isnt a factor.
What if I have lost my job?
Does that mean I get extra?
No, you wont get a larger stimulus check.
Will I have to pay taxes on the check?
If you qualify for $1,200, youll receive the full $1,200;no taxes will be deducted.
The payment is a tax credit and isnt treated as income.
You wont have to repay it or even report it as taxable income.
What if I made too much in 2019 to qualify, but my 2020 income has taken a hit?
Where do I find my AGI?
Tofind your AGIon your 2018 return, look at Line 7 of your 1040.
What if I didnt file a tax return in 2018 or 2019?
Do I still get a verify if Im retired?
Yes, as long as your income isnt above the limits listed above and you meet the other criteria.
Will I still get a look to see if I owe back taxes?
Delinquent taxes wont affect stimulus checks.
I already got my relief check in the mail.
So any paper check youve received as of this writing on April 15 is not legit.
The FTC has more informationhere.
How will I get my check?
If it doesnt have your bank account info, youll get your benefit by mail via paper check.
When will I get my check?
The first check payments will likely be mailed to those with the lowest incomes the week of April 24.
Eligible taxpayers who dont get direct deposit could have to wait until early September to receive the payments.
The IRS has a new tool that went live April 15 that lets youtrack your coronavirus payment.
Is this a one-time deal?
The Senate has only authorized one payment, so for the moment, yes.
Will I get a $500 credit for my 17-year-old child whos still in high school?
The $500 credits will only go to families with children 16 and younger.
Ourchild coronavirus stimulus FAQexplains more about how those payments will work.
I claim my college kid as a dependent.
Will they qualify for the $500 or the $1,200 payment?
No, and thats one major point of criticism about these payments.
That applies even if you list them as a dependent on your tax return.
We hear you on this one.
We heard from hundreds of you about the many 17- to 23-year-olds who will be left out.
All we can say is: We didnt write the law.
Were just telling you whats in the law.
My elderly mother lives with me, and I claim her as my dependent.
Will she get a stimulus payment?
Many elderly Americans who are cared for by family members will also be left out of stimulus payments.
In this case, your mother wouldnt qualify for the $1,200 payment because shes your dependent.
Im on Social Security and dont usually file a tax return.
Then, in early April, the IRS issued new guidance saying recipientswouldneed to file a return.
The IRS will use the information from your benefits statement and pay you automatically.
Do SSI recipients need to submit anything to get a payment?
Do people receiving VA benefits who arent required to file taxes need to do anything?
Is there a minimum amount of income you have to earn to receive a stimulus check?
I had no income in 2018 or 2019.
Can I still file a tax return so that I can get my payment?
I owe child support.
Could that affect my stimulus check?
Yes, presuming that your state agency has reported the delinquency to the IRS.
My tax refund is usually garnished due to unpaid federal student loans.
Will my stimulus check be garnished, too?
Im an American citizen who lives abroad.
Will I still get a stimulus check?
The IRS doesnt have my current bank account info.
How can I get them my current direct deposit information?
What if my payment went to a bank account I closed?
You cant tune up your payment info right now.
Your payment will be returned to the IRS.
Is there anything I can do to get my coronavirus stimulus check faster?
What if I think the amount I received was wrong?
The IRS hasnt said how the process will work for disputing your payment.
Well update this post when we learn more.
I cant get through on the Get My Payment feature.
What Do You Want to Know About the Coronavirus Stimulus Checks?
There are a lot of things we still dont know about the coronavirus stimulus checks.
Even the IRS doesnt have all the answers.
As more information becomes available, the IRS says it will publish updates atIRS.gov/coronavirus.
In the meantime, well attempt to answer as many of your questions as possible.
It sounds appealing right?
Check it out here!
