When does my stimulus check arrive?
Here’s what you need to know to answer that question.
If you have checked your bank account balance online and you have seen your stimulus check in your bank account then you are one of the very first to be sent a direct deposit into your bank account. Lots of folks turned to Social Media to let people know that they had received their stimulus checks.
Who is eligible?
Single taxpayers whose gross adjusted annual income was less than $75,000 and filed a 2018 or 2019 tax return. Married couples earning less than $150,000 and who have filed a 2018 or 2019 tax return.
How much dough can I expect the IRS to cough up?
Most single taxpayers who qualify will be eligible for $1200 in cold hard free cash. Most married taxpayers who qualify will receive $2400 in cold hard free cash (total not each). If either single taxpayers or married taxpayers have children, then each of them is worth a $500 bounty.
Why didn’t I get a check?
Most should receive their checks by April 17, 2020 according to Treasury Secretary Steven Mnuchin.
If you have not received your check then one of two things is the case:
- You don’t qualify based on your 2018 or 2019 adjusted gross income; or
- You didn’t enter a bank account when you filed your 2018 or 2019 return.
What about my income?
There is no minimum amount of income for qualification, even zero qualifies. There is a maximum amount. Single taxpayers $75,000 Married/Joint Filers $150,000.
If your income is more than this then sorry you don’t get to wave that cold hard free cash in front of your neighbor.
This will be the case for millions of Americans who fall under the following categories:
- single taxpayer who makes $99,000 or more or
- Married/joint filers who make 198,000 or more.
So what about if I make between $75,000 and $99,000 as a single taxpayer and between $150,000 and $198,000 as a married/joint filer?
In this case, your cold hard cash grab will be yanked from you at the heartbreaking rate of $5 per $100 over either $75,000 or $150,000 respectively.
In the second case, if you did not provide banking information to the IRS, then don’t sweat it. The IRS is setting up a portal online for you to enter your banking information or address for a paper check.
Paper checks will start going out April 24th. The first checks will be sent that week to up to $10,000 adjusted gross income earners. Each week thereafter a new batch will go out to the next level in increments of $10,000 dollars. The whole process of paper check delivery is expected to culminate in September.
IF you don’t want to wait for your cold hard free cash grab then all you have to do is go online and enter a bank account using the online IRS tool called “Get My Payment.”
Here are some other helpful resources thanks to Forbes:
- Do you qualify for a stimulus check?
- When will my stimulus check arrive?
- How to apply for unemployment
- Here’s everything that’s happened to your student loans in 2 weeks
- How to pay your student loans during Coronavirus
- How to get financial relief for your student loans during Coronavirus
- How to get relief for your private student loans
- These companies are hiring despite Coronavirus
- What you need to know about paid sick leave during Coronavirus
- Do you qualify for paid sick leave?
- Full text of the CARES Act
- How to contact your student loan servicer
- Should you stop paying your student loans during Coronavirus?
- 5 ways to lower your student loan payments during Coronavirus
- Student loan refinancing rates are incredibly cheap
Here’s a great playlist of Stimulus Check 2020 Videos to further explain the cold hard free cash grab of 2020! Click the video placeholder to start video. Enjoy!
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