Mammoth AwardsReaction to the Economic Impact Payments (aka coronavirus stimulus checks) has been mixed. Some people were relieved to hear that even a little bit of financial help was on the way. Others wished that the checks were bigger. And whether you’re okay with the payments or want more money, this is something that seems to be quite common: Confusion about it all.
How much will your checks be? When and how will you get them? What are the eligibility requirements? What do you need to do to get them? All of these questions are probably floating around in your mind as you try to stay afloat during the pandemic. We’ll do our best to answer them.
When Were the Economic Impact Payments Announced?
We are now up to two sets of Economic Impact Payments. The first was authorized back in March of last year. The second was confirmed in December of last year, and it’s the one you have to keep your eye on, as many people still haven’t received that second payment yet.
What Must You Do to Get a Stimulus Payment?
There’s no application process for the COVID-19 stimulus payments, as it’s tied to your tax returns. As long as you filed your return and meet eligibility requirements which we’ll reveal in a minute, you should be good to go. If you haven’t filed your 2020 tax return, do so now with help from MyFreeTaxes at no cost.
What Are the Eligibility Requirements?
- You can’t be listed as a dependent on another person’s taxes.
- Your Social Security number must be valid.
- You must be a U.S. citizen or resident alien.
- You must meet the income requirements.
As far as income is concerned, your adjusted gross income cannot exceed the following:
- $75,000 for individuals
- $112,500 for heads of households
- $150,000 for married couples filing jointly
You can make more income than what’s listed. It will reduce your stimulus payment, though:
- Individuals – up to $99,000
- Heads of households – up to $136,500
- Couples – up to $198,000
What Are the Stimulus Payouts?
The first stimulus had the following payouts:
- $1,200 per eligible adult
- $500 per dependent child
The second stimulus dropped overall to these amounts:
- $600 per eligible adult
- $600 per dependent child
So, if you have a family of five with two adults and three dependent children, your first payout would equal:
$1,200 + $1,200 + $500 + $500+ $500 = $3,900
And your second payout would equal:
$600 + $600 + $600 + $600 + $600 = $3,000
What Are the Methods of Payment?
You can get your stimulus payments in the mail via check or prepaid debit card. You can also get them as direct deposits to whatever bank account you used to receive federal benefits or your tax refund.
Who Can You Contact With COVID-19 Stimulus Questions?
Your best bet is to contact a volunteer certified by the IRS or to call the 211 Economic Impact Payment Helpline at 844-322-3639.
