Individual Stimulus Check: What You Need to Know

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Individual Stimulus Check: What You Need to Know

As a part of Congress’ CARES Act, individuals can receive a recovery rebate of up to $1,200 per individual or $2,400 per married couple. An additional $500 payment will be sent to taxpayers for each qualifying child dependent under age 17. Keep reading to learn more about the rules regarding individual stimulus checks.

Who can receive a stimulus check?

Recovery rebates are offered to taxpayers making less than $75,000 annually, or $150,000 if filing jointly. If you file as head of household, you must make less than $112,000.

Even if you have zero income, you can still get a rebate. Additionally, you can still receive a stimulus check if you owe back taxes. In cases where you owe child support, depending on your state, your recovery rebate can be taken to pay such dues.

How much can you expect?

The amount you receive will depend on your most recent tax returns. If you do not have a tax return for 2018 or 2019, your Social Security statement will be evaluated.

If you do not have a tax return for 2018, 2019, or a Social Security Statement, the IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment.

Individuals can receive a recovery rebate of up to $1,200 or $2,400 per married couple. An additional $500 payment will be sent to taxpayers for each qualifying child dependent under age 17.

How will you receive a stimulus check?

According to the most recent publications, stimulus checks should arrive around the third week of April 2020. If you have moved since the last time you filed a tax return, you must fill out a change of address form 8822.

However, if your last tax return came via direct deposit, you will receive your rebate in the same way. In the case that your bank account information has changed since your last tax return, the Treasury is working on developing a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

Exceptions

According to the CARES Act, rebates cannot be used for the following:

  • paying a debt owed to other federal agencies
  • state income tax obligations
  • and unemployment compensation debts (but not for past-due support).

If you have questions about your individual situation, please contact us with questions. For more information about how your business and finances are affected by COVID-19, check out our COVID-19 resources page! We know that this is a confusing time for many, but we are happy to shine a light and offer any help we can. Stay safe & stay healthy!

By | 2020-04-01T10:17:54-07:00 April 1st, 2020|COVID-19 News, Uncategorized|Comments Off on Individual Stimulus Check: What You Need to Know

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