The coronavirus has led to the shutting down of most non-essential businesses around the world. As a result, many Americans are out of work and facing financial hardships.
Fortunately, the government has created a Stimulus Plan. The plan includes checks that will be sent to all taxpayers to help them in their time of need.
The additional income will be helpful, but several individuals have questions as to who is eligible for the money and how and when the funds will be received. Read on for valuable information you need to know.
Who Will Be Getting Stimulus Money?
To qualify for stimulus money, you must be a taxpayer with a social security number and the required adjusted gross income. People with children will be eligible for stimulus money as well.
How Much Money Will I Get If I Qualify?
The amount of money you will be getting is as follows:
- Individuals: Individuals with an adjusted gross income of under $75,000 will be getting $1200.
- Married Couples: Married couples with an adjusted gross income of under $150,000 will be getting $2400.
- Head of Household: Heads of households with an AGI of under $112,500 will be getting full payment.
- People with Children: Taxpayers with dependent children will be getting $500 for each child regardless of income level.
What If I Make More Income Than the Amounts Listed?
If you make more than $75,000, your stimulus money will be reduced by $5 for every $100 you earn above the amount. For instance, if you make $75,100 annually, your stimulus check will be $1195.
Single people that earn $99,000 or more and married couples that make $198,000 or more will not qualify. Couples with two children whose AGI surpasses $218,000 will also not be eligible.
However, individuals will still get money for their dependent children regardless of their income levels.
When and How Will I Be Getting My Stimulus Money?
Stimulus money will either be mailed to people’s homes in the form of a check or direct deposited into their bank accounts. The government is hoping to have all checks mailed out in three weeks.
How Does the Government Know Where to Send My Money?
The government uses your taxes to determine the address or bank account that stimulus money should be sent to. They refer to your most recently filed charges, whether that be for the 2019 or 2018 tax year.
The government will also be using the last taxes you filed to determine your eligibility.
What If I’m On Social Security?
Social security recipients will be eligible for stimulus checks as long as they received an SA 1099 for 2019.
Hopefully, this has answered many of your questions regarding the stimulus package. However, if you are still unsure of what’s going on, David Aylor Law Offices has the answers you are looking for.
David Aylor is a Charleston, SC attorney with years of experience in various fields of law. He keeps an eye out for his community, and he is a terrific resource to turn to during these difficult times. He is known for his affordable rates, his caring approach, and his aggressive representation.
There is much confusion going on in the world today.
If you have questions regarding your rights or your financial future, call David Aylor first. His team has what it takes to get the job done.