You’ve probably heard by now about the newly passed CARES Act and that you might be getting a check from the U.S. government due to the coronavirus shutdown. What you may be wondering is how much you can expect to receive to help you financially survive the next few weeks. Keep reading to find out how big your check (or direct deposit) will be.
The CDC now recommends everyone wear face masks in public, and here’s the reason why.
The CARES Act was signed into law by President Trump and it provides $1,200 payments to most Americans. There are income limits, but if you’re an adult who filed taxes this year or last, and you made no more than $75,000 last year, then you likely will be getting the full amount. Here’s Everything You Need to Know About the $1,200 Checks the U.S. Government Is Sending Americans:
Calculate How Much You’ll Get From The $1,200 Stimulus Payments
The quick answer is that if you made no more than $75,000, then you’ll be getting a $1,200 check, plus $500 per child under the age of 17. If you’re married, then you’ll be getting $2,400, plus $500 per child, as long as your income is not higher than $150,000.
If you’re income is higher than the above amounts, then you’ll be receiving a portion of the amount based on your income. Income is capped to receive anything at all is $99,000 for single filers, $198,000 for married filers, and $146,500 for those who filed as head of household.
Use the tables below to see how much you will receive. Then check out the FAQs below the tables.
Stimulus Checks (Single)
| AGI | Payment |
|---|---|
| $75,000 | $1,200 |
| $80,000 | $950 |
| $85,000 | $700 |
| $90,000 | $450 |
| $95,000 | $200 |
| $99,000+ | $0 |
Stimulus Checks (Married)
| AGI | Payment |
|---|---|
| $150,000 | $2,400 |
| $160,000 | $1,900 |
| $170,000 | $1,400 |
| $180,000 | $900 |
| $190,000 | $400 |
| $198,000+ | $0 |
Stimulus Checks (Head of Household)
| AGI | Payment |
|---|---|
| $112,500 | $1,700 |
| $117,500 | $1,450 |
| $122,500 | $1,200 |
| $127,500 | $950 |
| $132,500 | $700 |
| $142,500 | $200 |
| $146,500+ | $0 |
Coronavirus Stimulus Checks FAQ
Here’s the answers to the most frequently asked questions people have about the CARES Act stimulus checks.
Who qualifies for the CARES Act stimulus payment?
The quick answer is that if you made no more than $75,000, then you’ll be getting a $1,200 check, plus $500 per child under the age of 17. If you’re married, then you’ll be getting $2,400, plus $500 per child, as long as your income is not higher than $150,000.
If you’re income is higher than the above amounts, then you’ll be receiving a portion of the amount based on your income. Income cap to recieve anything at all is $99,000 for single filers, $198,000 for married filers, and $146,500 for those who filed as head of household.
How will the U.S. government know where to send my money?
If you already filed your 2019 taxes (that’s the one most people are working on right now), then the IRS will use the direct deposit information you shared with them when you filed. If you didn’t leave your bank account information or you closed that account, then the IRS will be mailing you a paper check. If you have not filed your 2019 tax return, then the IRS will see if you have filed for taxes in 2018. If so, they will use the information you used in 2018 to determine where to send the check or direct deposit. Bottom line, file your taxes!
When will I get my coronavirus stimulus check?
The goal is to get the money into the hands of Americans by April 17, 2020. Those who have left direct deposit information when they filed their taxes will be getting their funds first. The last time the U.S. government sent out stimulus checks (2008) it took eight weeks total for everyone eligible to receive funds. Hold onto your hats folks.
What if I’m on social security, will I get anything?
Even those that receive social security are eligible to receive coronavirus stimulus checks courtesy of the CARES Act. Their income limit cannot exceed the limits provided. The Treasury department has clarified that those on social security who do not normally file a tax return will automatically receive the payment and they do not need to file anything else.
Who won’t get a CARES Act Stimulus check?
Those who are excluded from receiving checks include the wealthy, dependents who can be claimed on someone else’s tax return, and “nonresident aliens.”
I heard there may be another round of checks in the summer. Is this true?
Perhaps. President Trump said he is open to another round of checks, but only if the economy warrants another infusion to stimulate it.
How many Americans will be getting the coronavirus CARES Act payments?
Around 125 million people will receive a stimulus check from the U.S. government due to the coronavirus shut down.
Will I have to pay taxes on the money I get?
No. The CARES Act stimulus checks are not taxable income.
What is the cutoff date to file for 2019 taxes and get a check?
You should file for your 2019 tax return as soon as you can! This is especially important if you have moved, changed bank account information or your income significantly changed from 2018 to 2019. Those who leave their direct deposit information will be funded first. Those requesting a paper check for returns from the IRS will get their stimulus checks last.
If I owe taxes, will my check be reduced?
No. However you check will be reduced if you owe child support payments and the amount is reported to the federal government.
Do you still have questions related to the coronavirus economic stimulus checks? Here’s where to get more information: LATEST INFO HERE. You can also check this website set up with coronavirus info from the IRS.
Here’s How Much You’ll Be Getting From The Coronavirus Checks
The U.S. government will be sending $1,200 payments to most Americans to help them financially get through the coronavirus shut down. Here’s how much you can expect to receive.
Here’s more on Metroplex Social:
- This Is Why The CDC Is Now Recommending Face Masks For Everyone
- Here’s How The CARES Act Helps Your Family And Business
- Governor Abbott Just Closed Texas Schools Through May 4
- DALLAS SAFER AT HOME ORDER
- COLLIN COUNTY SAFE AT HOME ORDER
- DENTON COUNTY STAY AT HOME ORDER
- TARRANT COUNTY STAY AT HOME ORDER
How has the coronavirus / COVID-19 shut down affected you? Let us know in the comments below!