Stimulus Bill FAQ's
What is the Stimulus Bill?
The CARES Act is a $2 trillion relief bill that expands unemployment benefits and, notably, provides most Americans with a one-time payment.
How big are the stimulus checks?
Most adults will receive $1,200 while some higher-earning individuals will earn less. Additionally, for every qualifying child 16 or under, there is an additional $500 payment.
How much will I receive?
Single adults who earn less than $75,000 will get the full $1,200. Married couples with no children who earn less than $150,000 will receive $2,400. Taxpayers filing as a head of household and earning less than $112,500 will get $1,200. Each of these groups receive an additional $500 per child claimed as a dependent. If your income is above the three thresholds, your check decreases by $5 for every $100 above the benchmark. Importantly, to receive a check you must be a U.S. citizen or resident and have a Social Security number.
How do I calculate my income?
These income thresholds are based on 2019 returns, but if that year’s return is not prepared yet, you may use your 2018 return. The income number to use is your adjusted gross income (AGI), located on line 8b of the 2019 1040 federal tax return.
What if I have not filed a return?
Non-filers can navigate to the IRS.gov website, and click on the “Non-Filers: Enter Payment Info Here.” The form will ask for personal identifying information, government-issued identification, and bank account information.
Do I have to apply?
If the I.R.S already has your banking information from a 2018 or 2019 return, you will get your check automatically deposited in your account based on the most recent income figures. Similarly, the deposits will be automatic for Social Security and disability (SSDI) recipients. If this information has changed, you can update it directly on the I.R.S website.
When will my check arrive?
Payments are expected to arrive by April 17th. If your bank account information is on file already, you will receive your check faster than those receiving by mail.
I have more questions.
Email us for free CARES Act guidance at covidresponse@hilltopmfi.org
References
Published April 15th, 2020