The IRS recently issued their most up-to-date guidance on this bill. Here are important things to know:
Are you eligible for a stimulus check?
The checks will provide up to $1,200 per adult and $500 for each qualifying child, if your income falls under certain thresholds. Single filers with adjusted gross income, or AGI, less than $75,000 or less than $150,000 for married couples, will receive full payment. Above these thresholds, the payment is reduced by $5 for every $100 in AGI, until eligibility completely phases out at $99,00 for single filers and $198, for joint filers.
What if I haven’t filed my 2019 return yet?
If you haven’t filed your 2019 return yet, the IRS will base payment on your 2018 return
When will I receive the check?
The US Treasury plans to begin issuing the checks within the next 3 weeks and payments will be issued to those with the lowest AGIs first working up to those with higher AGIs. Those with the higher AGIs may not receive their stimulus check until late summer. The above is subject to change.
How will I receive the check?
If the IRS already has your direct deposit information from your most recent filed tax return, it will be directly deposited into the same account. The IRS has announced that the US Treasury is planning to develop a web-based portal for taxpayers to provide their bank account information for the checks. They plan to do this in late April or May.
There are still many scenarios that have not been addressed yet, including
• What to do if your bank account info has changed since you filed your return
• What if your current income is much different than what your AGI was on your 2018 and/or 2019 tax return
• What if you had a baby since your last filed return
We will keep you updated when additional information becomes available.
Sources: Forbes, The Motley Fool