In late March, the White House and Congress agreed to a $2 trillion stimulus package in hopes of giving a jolt to the economy amidst the coronavirus crisis. Their package included that many Americans would receive a $1,200 stimulus check or $2,400 for couples. Many individuals have already received their checks, which may leave those who haven't yet received theirs wondering about when they can expect to see their check in the mail (or via direct deposit). In particular, if you're a couple who files a joint tax return, there may be some pressing questions on your mind regarding this stimulus check, as there are different eligibility guidelines for couples than there are for single individuals.
Weeks after it was first reported that the White House and Congress reached a deal regarding the stimulus package, the first wave of checks were reportedly sent out. In mid-April, it was reported that many, particularly those who have their banking information set up for direct deposit with the IRS, received theirs already. Depending on your annual income, individuals will either receive $1,200 for single taxpayers or $2,400 for couples. For those who claim children as dependents, they will receive an additional $500 check per child.
Since there has been a ton of discussion regarding these stimulus checks, it may leave you with some questions regarding your own financial situation. If you do have any questions, particularly if you're part of a couple who files a joint tax return, read on to find the answers to your most pressing concerns.
How Much Will Your Check Be?
As previously stated, if you file a joint tax return, you will receive a $2,400 stimulus check. However, the exact amount of your check will be dependent on how much you earn per year.
When Will You Receive It?
If you have not already received your check, rest assured that you will receive it in due course. On Monday, the Tennessean reported that more than half of those who are eligible have not yet received their checks. They also reported that many, including seniors and numerous others with direct deposit accounts set up, would likely receive their check sometime in the upcoming week or the next.
Are You Eligible?
According to CNET, couples are eligible to receive a check if your gross income is below $198,000. Couples who make $150,000 or below will receive a $2,400 payment. The amount will decrease if you make more than $150,000, with the amount decreasing to zero at $198,000.
How Much Will Individuals With Children Receive?
In addition to receiving a payment of $2,400, those who claim children as dependents will also receive additional payments per child. According to CNET, you can receive $500 per child that you claim as a dependent.
Can You Receive A Check If You Haven't Filed A Tax Return?
For those who typically do not have to file a tax return — which includes senior citizens, Social Security and Social Security Disability Insurance recipients, and railroad retirees — will not have to file a traditional tax return to receive payment, per CNET. But, if you do traditionally file a tax return, and especially if you have not done so for 2018, you should do so as soon as possible so that you can attempt to receive a payment.
Are the Checks Taxed?
It should be noted that you do not have to pay taxes on the stimulus check that you receive. As CNET noted, it also does not serve as an advance on your usual tax refund.
What If You Haven't Received Your Check Yet?
If you haven't received your check yet, don't worry as there are many in the same boat. In case you're eager to see whether your check is on the way, the IRS recently launched an online tool that you can use to check on the status of your payment. All you need to do is head to IRS.gov and check out "Get My Payment."