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COVID-19 UPDATE: Important information about your stimulus check

March 27, 2020

 

 

Here are some important highlights from the Senate bill that was passed late Wednesday night (3/25/2020):

  • How much will my stimulus check be? $1,200 ($2,400 for joint returns) plus $500 per child aged 16 and under

  • Will high-income earners receive a check? No. Income limits apply. To receive the full amount, filing statuses of single or married filing separately must have an income of $75,000 or less; head of household $112,500 or less; married filing jointly $150,000 or less. If you make more than the income ceiling, reduced amounts of the credit will be given.

  • How will the government determine who receives it? It's based on the 2019 return. If you have not filed for 2019, the IRS will use the 2018 return.

  • Will there be offsets? Yes. If you owe past-due child support, you will receive a letter that your stimulus check has been sent to the state for distribution to your child's other parent. If you owe money for past-due student loans, past-due state tax obligations, federal tax debt, or to any other federal agency, you WILL receive a check.

  • Who will not receive a check even if they filed a tax return for 2018 or 2019? Children who were listed on their parents' returns as dependents.

  • Is there a minimum income requirement? No. The only requirement is that you file a return. 

  • Will this stimulus check need to be included as income for the 2020 tax year? No. The check is an advance refund of taxes deemed paid.

  • Will it need to be repaid? No.

For additional information click here [Source: Branch Law Firm
 
Please stay safe,
DDHW
D. Danielle Hoston Wrighster

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