Congress likely to send taxpayers $1,200 checks in coronavirus aid. Here’s who qualifies

Personal finance

NoDerog | iStock | Getty Images

As Congress pushes through a $2 trillion stimulus bill, some Americans can expect checks from the government to help them cope with the economic devastation stemming from the coronavirus crisis.

Those payments are expected to be $1,200 for individuals, or $2,400 for those who are married and file income taxes jointly. It also includes $500 per child.

But you have to meet certain qualifications in order to be eligible for the money, based on your adjusted gross income in your 2018 tax returns. If you earn more than $75,000 as an individual, $112,500 as the head of household or $150,000 if you are married and filing jointly, the amount of those checks starts to get reduced.

You also must have a valid Social Security number in order to receive the funds.

More from Personal Finance:
How to get fast cash during the coronavirus pandemic
Congress may let you skip mandatory withdrawal from retirement accounts
W
hy staying invested in a downturn can help your 401(k) recover faster

If you didn’t file a 2018 return, the government will use your 2019 information if it has it. That includes a 2019 Social Security benefit statement, or Form SSA-1099, or the Social Security Equivalent Benefit Statement, or Form RRB-1099.

Some individuals are specifically excluded from receiving payments. That includes non-resident aliens, individuals whose deductions can go to another taxpayer, and estates or trusts.

The legislation calls for sending out the payments “as rapidly as possible.” Eligible individuals will receive the funds electronically if they previously authorized refunds to be delivered to them that way. Otherwise, they will be sent out via postal mail.

This is a developing story. Please check back for updates.

Products You May Like

Articles You May Like

Luckin Coffee is a painful reminder of ‘the extreme fraud risk’ of some China-based companies
‘There is a light at the end of this tunnel.’ Teamwork guru shares how to thrive at work amid coronavirus crisis
Exxon cuts capital spending by 30%, but CEO says it’s ‘committed to maintaining’ dividend
14 Ways to Get More Eyes on Your Job Postings
No, automation won’t kill the CPA

Leave a Reply

Your email address will not be published. Required fields are marked *