Your Stimulus Check Questions Answered
It's being reported the first stimulus checks will start being deposited in a couple of weeks. People still have lots of questions about the checks. Here is what we know.
- There are income stipulations to get the checks.
- $1,200 will be given to individuals with an adjusted gross income up to $75,000.
- $2,400 will be given to couples with an adjusted gross income up to $150,000, and a head of household income up to $112,500.
- $500 will be given per child under the age of 17.
- If you make more than the limit, you can still get a stimulus check. It just goes down based on how much you make. Here are a few examples
- Single filer - $80,000 AGI - $950 stimulus check
- Single filer - $90,000 AGI - $450 stimulus check
- Joint filer - $160,000 AGI - $1,900 stimulus check
- Joint filer - $190,000 AGI - $400 stimulus check
- Even if you don't qualify based on your 2019 taxes, you can still qualify with your 2020 taxes. This doesn't necessarily help you now if you didn't qualify based on last year's income but are not out of work. but there are other options to help you with your bills.
- You will get a notification when hour deposit has been made
- If you filed jointly, whatever account you used for direct deposit will get all the money.
- Owing the IRS money won't affect your stimulus check. You might think if you owe the government $1,200 it would be a wash and no check will come. This isn't the case. The only time your check will be affected, other than based on income, is whether or not you owe child support.