The coronavirus is taking the world by storm, and many businesses are shutting down, leaving workers out of jobs. The economy is suffering, and people don’t know which way to turn.
Fortunately, the government has passed a $2 Trillion Plan to help people get through this difficult time. However, many people have questions regarding the stimulus package. How much money will they be getting? When will they be getting it?
Well, if you have questions about the stimulus package, we have answers. Read on to find out more.
Who Will Be Getting Stimulus Money?
All taxpayers who are United States residents, have a social security number and meet the financial requirements and/or have children will be eligible for stimulus money.
How Much Money Will I Be Getting?
Here is a breakdown of how much money you will be getting:
- Individuals with an adjusted gross income that is below $75,000 will be getting $1200.
- Couples with an adjusted gross income that is below $150,000 will be getting $2400.
- Heads of households with an adjusted gross income that is below $112,500 will be receiving full payment.
- Taxpayers with dependent children will be getting $500 a child no matter how high their income is.
What if Your Income is Higher Than the Amounts Listed Above?
If your income is higher than the amount listed above, your stimulus check will be reduced by $5 for every $100 more you are making above the limit. For instance, if a person has an AGI of $75,100, their stimulus check would be $1195.
Single people with an adjusted gross income of $99,000 or more and couples with an adjusted gross income of $198,000 or more will not be eligible.
Families with two children that are making more than $218,000 will also not be eligible. However, they will still receive stimulus money for their children.
When and How Will I Be Getting my Stimulus Check?
The government is hoping to get stimulus checks out within three weeks. The checks will be deposited directly into your bank account.
How Does the Government Know Where to Send the Money?
The government uses the information that was provided to the IRS for direct deposit the last time you filed your taxes. If you do not have direct deposit information listed on your taxes, the check will be mailed to you. If you did not file taxes yet for 2019, the government would use the information that’s on your 2018 taxes.
What if I’m on Social Security?
People on social security will be eligible for stimulus checks as long as they received an SA 1099 for 2019.
What Year Tax Returns Will Be Considered?
The government will be basing your stimulus checks on your 2019 tax returns. If you have not filed 2019 tax returns yet, they will be referring to your 2018 tax returns.
If you have any legal questions or concerns regarding your stimulus money that can’t be addressed in a simple Q&A, give the Jeffcoat Firm a call. Based in Columbia, SC, the Jeffcoat Firm is a knowledgeable group of attorneys that always does their best to help their clients and community and see to it that justice is served.
We wish you the best during these difficult times.