Get the Latest Stimulus Checks Information: A Comprehensive Guide
The COVID-19 pandemic has created unprecedented economic implications across the globe. In response, governments around the world have extended financial relief to their citizens. In the United States, one of the most relevant programs is the stimulus check payments authorized by the CARES Act 2020. If you’re curious about everything stimulus checks, you’re in the right place. This article aims to be your one-stop-shop for learning everything about stimulus checks, including how to qualify for them, how much money you’ll get, and how to track your payment.
What are Stimulus Checks?
A stimulus check is a one-time payment sent to eligible taxpayers to stimulate the economy during times of economic hardship. The U.S. government enacted the $2 trillion CARES Act to assist individuals who are unemployed or struggling financially due to the pandemic. Under this law, stimulus checks are also known as Economic Impact Payments (EIPs). The Internal Revenue Service (IRS) delivers the payments via direct deposit, paper check, or prepaid debit card.
Who is Eligible to Receive the Stimulus Payments?
Individuals with an adjusted gross income of up to $75,000 ($150,000 for married couples filing jointly) in 2019 are eligible for the full payment. The payment amount decreases for individuals earning more than this amount, with those earning an adjusted gross income over $99,000 ($198,000 for couples) not eligible. Additionally, individuals do not need to have a job or pay taxes to receive the payment. However, they must have a valid Social Security number and be a U.S. resident.
How Much Money Will Eligible Individuals Receive?
Eligible individuals will receive up to $1,200, and married couples filing jointly will receive up to $2,400. Additionally, each qualifying dependent child under age 17 will add $500 to the payment. For instance, a single parent with three children that meet the eligibility requirements will receive $3,400 (a $1,200 check for the parent and $500 per child). The payment altogether is based on 2019 tax returns or 2018 for those who have yet to file their taxes in 2019.
How to Get Information about Payment?
The IRS has created an online tool called the Get My Payment portal, which provides taxpayers with information about their payment status. You can also use this tool to verify if your payment is scheduled to be deposited into your bank account or mailed, or even to enter your bank account information for direct deposit if it hasn’t been scheduled.
Conclusion
Stimulus checks provide relief for individuals experiencing financial hardship due to the pandemic. Eligible individuals can receive up to $1,200, depending on their adjusted gross income, filing status, and number of dependent children. The IRS provides an online tool for detailing payment status, but eligible taxpayers do not need to take any action to obtain the payment. With this guide, you have everything you need to know about the stimulus checks and how they can assist you in these challenging times.
