On March 27, 2020, President Trump signed the CARES Act into law. People in the United States can apply for government stimulus grants thanks to this statute. Additionally, it provides future months of special benefits to certain American communities. Below, you'll find more information.
CARES Tax Credit Stimulus Checks: An Overview
Individuals can receive up to $1,200, while married couples can receive up to $2,400. As of right now, this is a one-time payment only.
Your 2019 tax return income will determine the exact amount you receive. The government will review your 2018 tax return and any 2019 Social Security statements if you have not filed your 2019 taxes.
Who is eligible for government assistance?
This sum is not available to everyone. No payment will be made to you if:
- You are an individual with an annual income of $99k or more and you are currently living alone.
- You and your spouse make at least $198,000 annually combined.
- The annual income of the head of your household is $136,500 or more.
You might be eligible for a payout if your income is below these thresholds.
To receive the money, you'll also need a Social Security Number. If you are considered a dependent, you will not be eligible for benefits.
How much of the stimulus money I am eligible to receive?
Full payment of $1,200: If you are a single person with a yearly income of $75,000 or less, you will receive the full $1,200. The whole $1,200 is also available to those who filed their taxes as heads of household and whose annual income was $112,500 or less. Couples with annual incomes of less than $150,000 will receive a total of $2,400.
Reductions in monthly payments: You will receive a reduced payment if you are a single person making $75,000 or more but still earning less than $99,000. You won't be receiving the entire $1,200 in payment. This also applies to married couples who make at least $150,000 but still earn less than $198,000 annually.
The government will withhold $5 for every $100 you made beyond the maximum threshold.
Every child under the age of 16 can earn an extra $500.
How am I going to get paid?
The payment will be made automatically; no application is required. If you qualify, the government will send it to you without you having to take any action.
Has a direct deposit been used to receive a previous tax refund? If you already have an eligible account set up, your stimulus check will be deposited there.
If you requested a check for your tax refund, you should expect to receive it in the mail.
When can I expect to receive the money?
Assuming all goes well, the check will be in your mailbox by mid-April.
After your payment has been mailed or deposited, the IRS will issue you a receipt. The receipt will show exactly where the money was sent. If you discover that the IRS payment was sent to the incorrect billing or bank account, you must notify them immediately.
