The COVID-19 virus has called for the closures of many businesses and left countless people out of work and concerned about their financial futures. Fortunately, the government has put a stimulus plan into effect that calls for stimulus checks to be distributed among all American taxpayers.
The plan will help allow people to maintain income during the lockdown, but it also leaves individuals with many questions. They are wondering how and when they will be getting their checks and how much money they can expect to receive.
If you have questions, Tyler Moffitt has answers. Read on to find out more about the stimulus money and when and how you will be getting yours.
Who is Eligible for Stimulus Money?
All taxpayers who are United States residents have a social security number, and an income within the required gross income level will be eligible for stimulus money. Taxpayers with children will be available as well.
How Much Money Will I Get if I’m Eligible?
Here are some guidelines for the amount of money you will be receiving:
- Individuals with an adjusted gross income under $75,000 will be getting $1200
- Married couples with an adjusted gross income under $150,000 will be getting $2400
- Heads of Household with an adjusted gross income under $112,500 will be getting a full payment
- All taxpayers with dependent children will be getting $500 per child regardless of their income level
What if My AGI is Above the Eligibility Levels?
Taxpayers whose AGIs exceed the amounts listed above will be receiving reduced stimulus checks. Checks will be reduced by $5 for every $100 they make over the qualifying level. So, if you are an individual making $75,100, your stimulus checks with be $1195.
How and When Will I Be Getting My Stimulus Money?
Stimulus money will either be mailed directly to taxpayers’ homes or directly deposited into their bank accounts. The government is hoping to have the funds delivered within three weeks.
How Does the Government Know Where to Send My Money?
The government will be using the last taxes you filed to determine where to send your money. In most cases, they will be referring to 2019 taxes but, if you have not registered for 2019 yet, they will be using 2018 taxes for reference. They will be taking the address or bank account information off those documents to determine where they should be sending your money.
The last taxes you filed will also be used to determine your eligibility.
Who Doesn’t Qualify for Stimulus Money?
Some specific individuals will not be getting stimulus checks due to excessive income. Any individual making over $99,000 and couples that make over $198,000 will not be eligible. Pair with two children who make over $218,000 will qualify either.
However, taxpayers will still be getting money for their dependent children no matter how high their income level is.
What If I’m on Social Security?
Individuals who collect social security will still be eligible for stimulus checks as long as they received an SA 1099.
More Stimulus Questions?
These are confusing times, and if you have questions, Tylor Moffitt has answers.
Tylor Moffitt is a Carrollton, GA attorney that is known for putting his community first in times of need. He has years of experience in various fields of law, and he has the knowhow to give you the information and results you need. He is dedicated to fighting for the best possible outcomes for his clients.
The coronavirus has changed everything. If you are concerned about your rights or your financial future, our experienced attorneys at Moffitt Law, LLC can give you the advice you need. He will always see to it that justice is served. Contact us today!