Coronavirus Stimulus Checks FAQ: 15 solutions we all know to date

Good news at a time of coronavirus demise: you will likely get a check for $ 1,200 if you are single, or a check for $ 2,400 if you are married to deal with the aftermath of COVID-19 to become.

The Senate unanimously adopted a $ 2 trillion bill late Wednesday night to alleviate the financial impact of the pandemic. In addition to paying $ 1,200 for most adults in the United States, the law massively extends unemployment benefits for those affected by the virus. It also offers hundreds of billions of loans to small and large businesses.

The bill is expected to be approved by the House of Representatives on Friday and then legally signed by President Trump. We will update this post as the story develops.

Coronavirus stimulus review frequently asked questions: 15 questions answered

So far, we know the following about the Coronavirus Relief Checks, which are coming soon. This is an evolving story and there are many details that we do not know yet. We will answer further questions as soon as information is available.

The bill is expected to be approved by the House of Representatives on Friday and then legally signed by President Trump. We will update this post as the story develops.

1. Do I get a check? How much will i get

If you're single with an adjusted gross income (AGI) of $ 75,000 or less, you will receive $ 1,200. If you are married and file a joint tax return, you will receive $ 2,400 if your total income is $ 150,000 or less.

For every child under 16 in your household, you will receive an additional $ 500.

If you submit as head of household (this usually means that you are a single parent and have at least one child living in your home for more than half a year), you will receive $ 1,200 if your income does not exceed $ 112,500.

If you are single and earn more than $ 75,000, or if you are married and earn more than $ 150,000, your check will expire by 5 cents for every dollar you earn from these amounts. That is, once your income reaches $ 99,000 if you are a single applicant or $ 198,000 if you are married, you will no longer receive a check.

For those filing as head of household, the exit ends at $ 136,500.

Per tip

Calculate your stimulus payment using the Washington Post online calculator.

2. What tax return is used to determine my eligibility?

If you have already submitted your taxes, your tax return for 2019 will be used. Otherwise, your return for 2018 will determine your eligibility. Reminder: This year Tax return date was pushed back 90 days until July 15th.

3. Who does NOT qualify for the stimulus checks?

If the income from your return for 2018 or 2019 is higher than the thresholds listed above, you will not receive a stimulus check. You also won't get one if you are a non-resident foreigner, don't have a social security number, or if someone else claims you as dependent.

4. I have not lost my job or my working time has been reduced due to corona virus. Do I still get a check?

Yes. The entitlement is based on your income for 2018 or 2019. Your current employment status does not matter.

5. What if I lose my job? Does that mean I get extra?

No, you don't get a major stimulus check. However, they benefit from the extension of benefits to workers who have lost their jobs or who have suffered significant loss of income due to the pandemic from steroid unemployment.

The package provides workers who have lost their jobs due to coronavirus with additional unemployment benefits for up to $ 600 per week in addition to their state benefits for 13 weeks. What is particularly unusual about this bill is that it extends unemployment benefits to gig workers, contractors, and freelancers who are typically unskilled.

6. Do I have to pay taxes on the check?

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Probably not. It is a tax credit that is not treated as income. If you qualify for $ 1,200, you will receive the full $ 1,200. No taxes are deducted.

It gets confusing that the check is actually a credit for your 2020 taxes. However, since no one knows how much we earn or how much they owe for 2020, payments are based on your 2019 return if you have already submitted it or your return in 2018 if you have not.

So what happens if you are single and have earned $ 70,000 in 2019 and your income suddenly increases to $ 100,000 in 2020? We don't really know. Technically, you are not eligible for the relief check … but there is nothing in the invoice that requires you to repay the money or even report it as income.

7. What if I made too much to qualify in 2019 but my income for 2020 suffered a blow?

If you didn't qualify because you made too much in 2018 or 2019, but your income falls below the threshold in 2020, you won't get a stimulus check, though you will likely benefit from the expanded unemployment benefits if you do Job because of the pandemic.

While the bill currently doesn't allow you to receive a check based on your 2020 income, you can most likely receive the payment as a tax credit if you file your 2020 tax return in early 2021.

8. Where can I find my AGI?

To Find your AGI When you return in 2018, look at line 7 of your 1040. For your return in 2019, you will find it in line 8b of your 1040 or 1040-SR.

9. What if I haven't submitted a tax return in 2018 or 2019?

If you have received social security benefits, the IRS can use information from your declaration of performance to process your check.

However, it could be difficult if you don't file a tax return or receive social security benefits for 2018 and 2019.

The solution: submit a tax return as soon as possible. While IRS website says there is no information about stimulus checks yet and asks non-filers to take immediate action.

"The upcoming laws include certain potential credits and discounts for those who have submitted returns for 2018 and / or 2019," it says. "Those for whom there are no tax returns for 2018 could potentially affect the delivery of stimulus reviews."

Per tip

If you need to file a tax return for 2019 or a previous year, check out these free tax return resources on the IRS website.

10. Do I still get a check when I'm retired?

Yes, as long as your income is not above the thresholds listed above and you meet the other criteria. If you haven't made enough money to file a tax return in either of the two years, the government can use your social security form to process your payment.

11. Do I still get a check if I owe taxes?

Yes. Overdue taxes have no impact on stimulus checks.

12. I have already received my relief check by post. Is it real

No! Any check you have already received is fraudulent. Remember: this has not even been legally signed.

A few things to keep in mind when issuing checks: you never have to pay anything in advance to get a check from the U.S. government, and you never have to provide your social security number, credit card number, or bank account number. Get your check. The FTC has more information Here.

13. How do I get my check?

If the IRS has your bank account information from your previous tax returns, it will use it and pay you directly. If your bank account details are not available, you will receive your benefit by email. However, there is a good chance that this will take the form of a Prepaid debit cardinstead of a check.

14. When do I get my check?

Treasury Secretary Steve Mnuchin said he hoped to receive payments in two to three weeks. However, many observers say that this is the case very unlikely that the IRS can make this happen so quickly. The last time the government sent stimulus checks in 2008 was approximately three months.

15. Is this a one time deal?

The Senate has only approved one payment, so yes at the moment.

What do you want to know about the coronavirus stimulus tests?

There are a lot of things we don't yet know about coronavirus stimulus testing.

Even the IRS doesn't have all the answers. Remember that this is not yet required by law. As soon as more information is available, the IRS will announce that updates will be posted at IRS.gov/coronavirus.

In the meantime, we will try to answer as many of your questions as possible. E-mail [email protected].

Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny's Personal Financial Advisory section.

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