Stimulus Checks: What Couples Need to Know About Their Money
In late March, the White House and Congress agreed to a $2 trillion stimulus package in hopes of [...]
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.
prevnextWhen 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.
prevnextAre 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.
prevnextHow 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.
prevnextCan 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.
prevnextAre 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.
prevnextWhat 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."
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