As part of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law this weekend, Congress included the provision that Americans will receive a one-time stimulus check.
Who gets a check and for how much?
Eligible adults earning up to $75,000 will receive a check of $1,200. Couples earning up to $150,000 will receive $2,400.
Eligible families will receive an additional $500 per child – for children under the age of 17 – regardless of income.
If you still claim children who are 17 or older as dependents on your tax return, you will not receive the additional $500 for them. It does not matter whether or not they are employed.
Those making more than $75,000 but less than $99,000 will receive a check, but it will be reduced by $5 for every $100 made over $75,000. For example, if your income is $80,000, your check would be reduced by $250, for a check totaling $950.
As stimulus checks issued through the CARES Act are aimed at helping low- and middle-income persons and families, if you make over $99,000, you will not receive a check.
One exception to this limit is that head of households will receive $1200 if they earn less than $112,500 but no more than $136,500.
All of the above amounts will be based on the adjusted gross income (AGI) listed on your 2019 tax return, or 2018 tax return if you have not filed this year. You can find your AGI on Line 8b of your Form 1040 (2019), or on Line 7 of your Form 1040 (2018).
If you would like help calculating the amount of your stimulus check, there are several websites that provide the service for free such as OmniCalculator.
If you receive a Social Security check and do not make enough money to require filing a tax return, you will still receive a check for $1,200 as long as you received an SSA-1099 form. The stimulus check will be sent to the same address/account as your Social Security check.
Contrary to misinformation circulating online and elsewhere, non-resident aliens or workers in the U.S. who do not have a green card are not eligible for stimulus payments.
You will not have to pay taxes of any kind on your stimulus check. Whatever amount you qualify for, you will receive that amount.
How and when will the checks be delivered?
If you have filed your taxes online (or through a service) and received previous direct deposits, this IRS information will be used to send the check directly to your bank account.
