If you’re waiting for your COVID stimulus check, we’ve got 4 fast facts about the proposed deal that aims to put $1400 back in your pocket.
How Much Will I Get?
Right now the bill includes direct payments of $1400 to eligible individuals. Married couples would receive $2800. Each dependent in the household, which includes adults and kids, would get $1400 as well. So a married couple with two kids would receive a payment of $5600.
In previous stimulus rounds, the term dependent applied to kids 16 and under. In this latest round, it’s expected to mean anyone of any age you can claim as a dependent on your tax return.
Who Gets The Money?
There are income thresholds for the check. As it stands an individual who earns up to $75,000 in adjusted gross income would be eligible for the full payment. If you file as head of household, that goes up to $112,500. Married folks who file joint returns could earn up to $150,000 and still qualify for the full amount.
If you make more than that, the amount of your check decreases as your income rises. For example, an individual earning $85,000 is eligible for an $840 payment.
The cap for receiving a check is $100,000 for individuals, $150,000 for heads of household, and $200,000 for married people filing jointly.
Thanks to a recent ruling by a federal judge, inmates currently in jail could qualify for stimulus payments as well.
Do I Need To File Taxes?
The check amounts will be based on either your 2019 or 2020 tax return. If your 2020 income or number of dependents sets you up to receive a larger check, you should try to get your tax return filed before the check are processed.
Experts say folks who don’t normally file taxes b because they’re low-income, retired, or on disability might want to consider filing this year to make sure they get all of the money due them.
When Will I Get My Check?
Good question. Elected officials are still working out the details. The bill contains a lot more than just the stimulus money in the $1.9 trillion package. More than $20 billion is allotted for a national vaccine program and there’s a plan to increase the minimum wage to $15. Republicans and some moderate Democrats are not on board with the entire plan, so there could be some changes.
However, they are expected to pass a plan and payments could begin arriving as soon as mid-March. The government will deposit the money into the same bank account you use for income tax.