Your payment will be deposited directly to the bank account where you automatically receive your Social Security payment. A stimulus check will be mailed to you if you normally receive a paper check for your Social Security payment. Someone I know already got their payment, why don’t I have mine yet?
Are there any lingering questions about the stimulus?
While tens of millions of people have already received their money, the rollout of stimulus payments has been confusing and flawed, to say the least. Naturally, many questions have come up about the stimulus payment process, and the IRS has been scrambling to address them.
How much money do you get from stimulus?
If you qualify for a stimulus payment and also have one or more dependent children under the age of 17, you receive an additional $500 for each dependent. For example, if you’re married with a combined AGI of $185,000 and have two dependent children, your total stimulus check would be for $1,650.
How is the amount of a stimulus check determined?
Payments are awarded based on your adjusted gross income, or AGI, from your 2018 or 2019 tax return, whichever is the most recent available to the IRS. Payments phase out as your income increases. You also get extra money for each dependent under the age of 17. If your AGI is $75,000 or less annually, your payment amount is $1,200.
Do you have to file taxes if you get a stimulus check?
If you plan to claim unemployment income (up to $10,200) and earned less than $150,000, you should wait to file your taxes in order to take advantage of the tax exclusion. This will help reduce your AGI and may help you qualify for a larger stimulus payment.
What’s the income limit for a stimulus check?
Here’s how that would look for different incomes: If you’re married and file a joint tax return with your spouse, the stimulus payment amounts are doubled. Married couples with an AGI of $150,000 or less annually qualify for a stimulus payment of $2,400.
