The government has introduced a gigantic $2 trillion relief package to fight the economic effects of the coronavirus outbreak. Currently, one of the main benefits of this package is a stimulus check for eligible US taxpayers. The first one of these checks is believed to arrive sometime in April, and you can have it deposited to your bank account right away.
Anyone that’s eligible for this coronavirus relief check will receive up to $1,200. It’s seen as an economic payment by the IRS to try and help those who have been suffering financially thanks to this pandemic.
The requirements for this check are quite lenient in that nearly 9 out of 10 US households can qualify for it. However, not all of those who qualify will receive the full amount, and some of you might not meet the requirements at all.
Keeping that in mind, how do you know if you qualify for a coronavirus relief check? We’ve looked into things and can present the main eligibility requirements for you – along with how much money you can expect to receive.
Eligibility is based on your total income
To be eligible for this relief check, you need to look at your adjusted gross income over the last two years. Here are the parameters you have to meet:
- An adjusted gross income of less than $99,000 – This is for individual US residents
- An income under $146,500 – This is for people who are filing as the head of a household
- An income of less than $198,000 – This is for couples that marry jointly and don’t have any children
As you can see, most of you will probably fall into at least one of these brackets. Of course, you need to be a US citizen and pay taxes as well.
It’s also well worth mentioning that the IRS recommends you file your 2018 federal taxes right now. If you haven’t already done this, then it may alter your stimulus check and mean you’re either not eligible or will receive less than you think you should.
If you don’t usually file a tax return, then you won’t need to make an exception to receive your chunk of the stimulus package.
How much money do you qualify for?
The next big question revolves around how much of the $1,200 you’re eligible for. The good news is that a lot of you may receive the full amount. In general, the more you earn, the less you’ll be entitled to.
For an individual US resident with an adjusted gross income under $75,000, you will get the entire $1,200 relief check. Now, bear in mind that you can earn under $99,000 to qualify for relief. So, the closer your earnings get to the $99,000, the more the relief is reduced.
A similar situation is in place for anyone filing as the head of a household. The limit is an annual income of $146,500. However, to qualify for the full $1,200, you need to earn under $112,500. Again, your relief check is reduced as your income rises closer to the limit.
Finally, couples filing together need to earn below $150,000 for a $2,400 payment. This is because you get $1,200 per individual. Of course, this will decrease all the way down to zero, the closer you get to earning $198,000. It’s also worth pointing out that you get an extra payment of $500 for every child you have. In this case, a child is classified as anyone under the age of 16.
How do you get your coronavirus relief check?
Do you meet the requirements listed above? If so, then you need to set up a direct deposit with the IRS. This is pretty simple to do, and you can go on their website to get it all sorted out. There is also an online system that will be set up in mid-April for people that want electronic payments with a direct debit.
It’s believed that the first checks will be sent out within around two weeks or writing this article. So, make sure you get a direct deposit sorted out if you want the fastest and most secure payment method. You can also have the check mailed to you, but this isn’t recommended.
Hopefully, this gives you all the vital information you need to know about qualifying for a coronavirus relief check. If you do qualify – and haven’t acted yet – then be sure you act fast to get the money as quickly as possible.