Stimulus Check Amount Deadline Requirements Payment Timeline: Everything To Know
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Here's what you need to know about the current round of stimulus payments the IRS is sending out.
Angela Lang/CNET
For the most up-to-date news and information about the coronavirus pandemic, visit the [ WHO website].
The stimulus checks Congress authorized in March are part of the much larger [ CARES Act] that's injected money into small businesses and other concerns to help cushion against today's [/news/the-coronavirus-recession-is-real-what-that-means-for-2020-and-how-to-prepare/ coronavirus recession]. For individuals and families, the bill's allowance of up to $1,200 per person sounds simple, but it's anything but. It's easy to get tangled up in the details of which people qualify for a payment, when they'll get it and how much money they'll actually receive.
If you're still waiting for news about your stimulus check or looking ahead and wondering what Washington is doing about a [/news/second-stimulus-check-update-how-much-you-may-get-payment-timeline-latest-news/ second stimulus check for 2020] and [/news/stimulus-check-2-how-much-money-could-i-get/ how much could you get with another round], we can help you learn more about your payment.
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We'll help you understand:
If you're eligible to receive a check and how much of the $1,200 amount you might be able to get[/news/your-stimulus-check-delivery-10-dead-ends-and-form-issues-that-could-delay-a-payment/ Why you haven't received your stimulus check yet] and [/news/missing-stimulus-check-how-and-when-to-report-your-no-show-payment-to-the-irs/ how to contact the IRS about a missing payment].How to use an EIP prepaid debit card if you receive one.[/news/you-can-track-your-stimulus-check-with-the-irs-get-my-payment-app-heres-how/ How to track your 2020 stimulus check] if you don't see the money post in your bank account.What to do if you're usually exempt from filing [/personal-finance/taxes/ taxes] or receive federal benefits.
If you're looking for more [ personal finance information], here are recommendations on how to [/news/coronavirus-stimulus-check-6-ways-to-use-your-1200-check/ spend the stimulus money], how [/news/is-there-a-rent-freeze-in-june-can-landlords-evict-tenants-late-fees-laws-and-what-to-do/ coronavirus affects your rent payment] and [/news/taxes-mortgage-credit-cards-and-more-how-to-get-financial-relief-during-coronavirus/ how else you can get financial relief] during the outbreak.
Know your stimulus check rights
Here are some important things to know about your stimulus check.
The payment is not taxable: You won't pay taxes next year on a stimulus payment you receive from the IRS in 2020. [ The IRS does not consider it income], and a payment you get in 2020 will not reduce your refund or increase the amount you owe when you file your 2020 tax return next year.
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Since the stimulus check doesn't count as taxable income, you are not required to hand it over to facilities like nursing homes and landlords. Lawmakers are looking into stopping this practice, [ the LA Times reported].
Your stimulus payment will also not count toward determining any benefits you receive from the federal government.
You can spend your stimulus money just like cash. If you receive your payment on one of the prepaid debit cards, you can transfer the entire amount to your own account. The one limitation is, the IRS will reduce your payment to offset past-due child support.
Second stimulus check from the IRS: What's happening now
As the US economy continues to weaken because of the coronavirus pandemic, the pressure is building in Washington to approve another round of aid for individuals and families. Here's the [/news/second-stimulus-check-how-much-you-could-get-when-payments-could-come-latest-news/ latest progress on the second stimulus check], including the current proposal for another $1,200 check (maximum) for individuals, and extended relief for renters and https://batallador.es/foro/index.php?action=profile;u=1235 unemployed people.
The checks will be paid out through the end of the year, with the bulk of the IRS payments having already gone out.
Angela Lang/CNET
During the last week of May, an additional 1,877,000 people filed for unemployment as a result of the pandemic, the [ Department of Labor reported] (PDF). The [ unemployment rate fell to 13.3%] for May, which is lower than [ April's 14.7% rate] but still one of the highest in US history.
The House of Representatives has already proposed a second stimulus package, and the Senate may start work on a package shortly, making a final decision in about a month. Senate Majority Leader Mitch McConnell indicated that it could be the last stimulus check, according to [ CNBC].
How many stimulus checks have been mailed so far?
As of the first week of June, the IRS told CNET it has made more than 159 million payments, including 120 million through direct deposit to bank accounts, 35 million through the mail as paper checks and another 4 million in the mail as prepaid debit cards.
But the agency may still have a ways to go: A recent report from the House Ways and Means Committee estimates as many as [ 35 million Americans who qualify have not yet received their checks] (PDF). The agency plans to continue sending checks through the end of the year to those who are eligible.
How to use the Economic Impact Payment prepaid debit card
On May 18, the US Treasury said it is starting to send about 4 million prepaid debit cards called EIP cards. The Treasury said it's sending these cards instead of paper checks to some eligible US residents for whom the government does not have banking information. We've asked the Treasury for clarification on who gets a card versus a paper check.
The Treasury said you can use the card to make purchases, get cash from in-network ATMs and transfer funds to your personal bank account without a fee. You can also use the card at stores that accept Visa debit cards. Once you receive your EIP card in the mail, head to the [ EIP card page] to set it up.
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As part of the 2020 stimulus package, you may meet the requirements for a payment from the federal government.
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Find the schedule for when you can expect your check
You can use the IRS [/news/direct-deposit-and-your-stimulus-check-how-to-set-up-payment-through-the-irs-portal/ Get My Payment] service to see a schedule for your payment. The US Postal Service also has a free service that can notify you [/news/no-stimulus-check-in-sight-how-to-track-it-in-the-mail-with-a-phone-or-computer/ when your check will arrive in the mail]. You'll need to sign up for it.
When will the checks be completely paid out?
For those who expect to receive their payments through the mail, the IRS will have sent the bulk of the payments out by the end of June. The agency said it would sharply increase the number of checks mailed through that month. A smaller number of checks may continue to arrive through the end of the year, however.
If you want to receive your payment straight to your bank through [/news/its-too-late-to-direct-deposit-your-stimulus-check-heres-what-happens-now/ direct deposit], the deadline to provide your banking detailing in the IRS Get My Payment portal has passed. Those who had previously provided the IRS with their banking info can still receive their payment through direct deposit.
The Social Security Administration said Supplemental Security Income recipients who didn't file a 2019 and 2018 return and who don't have a representative payee should have received their electronic payment from the IRS by May 13 by direct deposit or to their Direct Express card. For SSI recipients who receive their monthly SSI payment by paper check, the IRS began mailing checks on May 15.
Here's what we know about [/news/you-can-track-your-stimulus-check-with-the-irs-get-my-payment-app-heres-how/ tracking your stimulus payment]. If you moved since the last time you filed your taxes, [ here's where you can update your address with the IRS].
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Every little bit helps.
Angela Lang/CNET
How much stimulus money you get depends on your taxes
The total amount of your stimulus check will be based on your adjusted gross income, or AGI, from your 2019 federal tax filing or -- if you haven't filed this year -- your 2018 filing.
If you've [/news/best-tax-software-for-2020-turbotax-h-r-block-tax-slayer-compared/ filed your 2019 federal tax return], you can find that figure on line 8b of the [ 2019 1040 federal tax form]. It's line 7 on the [ 2018 1040 tax form]. If you haven't filed this year, don't worry. The US government has [/news/coronavirus-and-tax-day-deadline-extended-but-you-can-file-now-for-a-refund/ delayed the due date for 2019 taxes] to July 15 as a result of coronavirus.
Here's who is eligible for a stimulus payment
The amount you'll receive will depend on your total income in 2019 or 2018. If you qualify, you'll receive one payment. Here's who qualifies:
If you're a single US resident and have an adjusted gross income less than $99,000If you file as the head of a household and earn under $146,500If you file jointly without children and earn less than $198,000
Read on for how your payment is calculated and how much you can expect. You can also look at this [ calculator from the Washington Post].
The IRS said someone who died before receipt of the payment, a non-resident alien or someone who is incarcerated does not qualify for a check. [ These payments need to be returned if received], the IRS said.
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How much you'll get as a single taxpayer
A single US resident must have a Social Security number and an AGI under $75,000 to receive the full amount of $1,200. The sum decreases as your AGI goes up. If your adjusted gross income reaches $99,000, you won't be eligible for the stimulus.
Heads of household
If you file as head of a household, you will get the full $1,200 payment if your AGI is $112,500 or less, with the amount decreasing until you reach $146,500.
Couples filing jointly
Married couples filing jointly without children with an adjusted gross income below $150,000 will get a $2,400 payment, decreasing to zero at $198,000.
For children
For each child aged 16 or younger in the family, parents will get a payment of $500. Parents will not receive a payment for children born, adopted or placed into foster care in 2020, because the payment is based only on information from your 2019 or 2018 tax return. The IRS said you may claim the child next year for an additional credit on your 2020 tax return. Older children and other dependents may not be eligible for a payment.
