March of 2020 the U.S. government signed a $2 trillion stimulus package, including a stimulus check payment. The hope is that these stimulus checks will help individuals, businesses, and families who are struggling due to a loss of income until the spread of the coronavirus slows down, and formerly closed workplaces can reopen.
New “Get My Payment” Tool
The IRS announced the creation of a new tool, which should be launching 4/17/2020 on the Economic Impact Payment web page. The tool will be called “Get My Payment” and will allow you to check the status of your stimulus payment if you have not yet received it.
How much money am I getting in my stimulus check?
If you earn less than $75,000 annually, you’ll be eligible for a check in the amount of $1,200. If you and your spouse make less than $150,000 annually, you will receive about $2,400, provided your adjusted gross income is under $150,000 a year. And if you have children under the age of 17, you can expect an additional $500 for each child. For married couples who earn up to $198,000, they will still receive a check, but at a reduced rate, based on a sliding scale. To calculate your exact expected amount, try out this Stimulus Check Calculator, or see the chart below
How is my income calculated?
If you’ve already filed your tax return this year, the IRS will use that information to determine your 2019 income, marital status, and dependents. If you haven’t yet filed your taxes this year, don’t worry, the IRS will use your information from the prior year’s filings.
Where do I get this payment?
If the IRS has your direct deposit information, you’re likely to receive your stimulus check via direct deposit. Mailed checks will take longer, and the government is also contemplating using pre-loaded debit cards to send payments to people who don’t have bank accounts.
When will I get my stimulus check?
Treasury Secretary Steven Mnuchin has said he wants the payments to go out within three weeks. However, former IRS agency officials and other experts have said this is an ambitious timetable and could be very likely pushed back. The IRS has not provided an official timeframe; however, previous stimulus check payments took about two months to reach taxpayers.