Who's eligible for COVID-19 stimulus checks? Your questions, answered investinyou (In partnership with acorns.)
The $2 trillion coronavirus stimulus bill is the largest emergency aid package in U.S. history. Of the hundreds of questions we received about this new legislation, the biggest concern is just who is eligible for this relief payment.
Erin Schaff | Getty ImagesThe $2 trillion coronavirus stimulus bill, signed into law on March 27, is the largest emergency aid package in U.S. history. Known as the CARES Act, it will send money directly to tens of millions of Americans affected by the coronavirus. Of the hundreds of questions we received about this new legislation, the biggest concern is just who is eligible for this relief payment. I spoke with several financial advisors to get answers to your questions.
If you haven't filed taxes yet for 2018, will you still receive a check because of the coronavirus?You should file a tax return as soon as possible. The IRS will use information on your 2018 or 2019 tax return to determine whether you are entitled to an "economic income payment" and the amount you should receive. If you didn't file a tax return for 2019, the agency will use your 2018 return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.Individual tax filers with adjusted gross income up to $75,000 (up to $150,000 for married couples filing joint returns) will receive the full payment. For filers with income above those amounts, the payment amount is reduced and then phased out for individuals whose income exceeds $99,000 (or $198,000 for joint filers with no children).
"Anyone who has not filed either return should file a return for 2019 as soon as possible, even if they owe no taxes," said tax policy expert Richard Winchester, a visiting professor at Seton Hall University School of Law. "That will prevent them from being overlooked for these payments." Also, make sure to include direct-deposit banking information on your return so the IRS knows where to send the check.
Anyone who has not filed ... should file a return for 2019 as soon as possible, even if they owe no taxes. That will prevent them from being overlooked for these payments.Richard Winchestertax policy expert and visiting professor at Seton Hall University School of LawRead more: CNBC »
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