You probably have heard of the Coronavirus stimulus check that people have been getting. The check was issued by government several weeks ago as a part of the Cares Act, but how do you know if you qualify for receiving the check? Here are basic qualifications.
It's important to note that the IRS will be using your 2019 tax year for the income analysis. If you haven't completed this year's taxes (due to the extension), they will use the 2018 tax year. This may cause some confusion, as you may be making more or less than some of these income separations. Make note of how much you've made on your most recent filed tax year to better understand your relief check.
Those who make too much money will not be receiving this check. These incomes range from $99,000 (single taxpayers) to $146,500 (head of household taxpayers) to $198,000 (couples who filed jointly).
Single annual income up to $75,000 will receive the full amount, decreasing proportionally as it reaches $99,000. Head of household income up to $112,500 will receive the full amount, decreasing proportionally as it reaches $146,500. Jointly filed income up to $150,000 will receive the full amount ($2,400 in this case), decreasing proportionally as it reaches $198,000.
There is no specific age qualification written in the bills, however there are certain loopholes that prevent age groups from receiving the check. Most notably, dependents who are above the age of 16 will not receive the check. This mainly effects college students/high school graduates. This is due to parents receiving a $500 bonus for every dependent 16 and under, however parents claiming dependents older than this will not receive the bonus, since they are considered legal adults.
Those who do not have a valid social security number will not be receiving the checks. This pertains to immigrants and non-citizens still going through the citizenship process or who entered the country via other methods. Those who have gotten their green-card, however, will receive the stimulus check under the same guidelines listed above.
There are two forms of debt that vaguely prevent stimulus checks. Those being child-support payments and owing a bank money. Checks being withheld from those who are behind on child-support payments are dependent on the state's reporting. Hence, it may be possible some will still receive the check in certain instances. As well, certain private banks don't prevent you from getting the check, however, they may take the check out of your account in order to pay outstanding debts. Some banks have said they won't do that, but it is vague.
How To Get The Check
There is no inherent sign-up for the relief check, you will automatically be considered/qualified based on prior tax reports. Depending on how you receive your tax returns is how you will get your stimulus. Most people will get their stimulus amount automatically deposited into their bank while others will get it mailed to whatever address the IRS has on file (that being said, make sure your address is right with the IRS if you have moved recently). These payments and checks should already have been deposited into your account, but if not, expect them soon.