Now that the US federal government has released news about the upcoming stimulus package, there are plenty of Americans who have questions. There is no doubt that the coronavirus has been a public health crisis and has caused a lot of financial stress in many families. This may lead you to wonder if you are eligible to get something and how much you may be getting.
The Washington Post is fairly comprehensive when it comes to helping us learn the truth of the situation. A calculator was posted on the newspaper’s website that allows you to see if you are eligible for a stimulus check. Some of the factors include your marital status, adjusted gross income, and how many children you have.
On the most basic level, if you make $75,000 or less annually, a check for $1200 will be coming your way. You will also be eligible if you make up to $99,000 but five dollars comes off of the check for every $100 you make above $75,000.
$2400 should be coming to married couples if their adjusted gross income is under $150,000. Couples making up to $198,000 will get adjusted checks. $500 is available for each child in a household for married couples. If a single parent makes up to $112,500 per year, a $1200 check is still available plus $500 for each child.
Another question you may have is if you should use direct deposit or go into a bank. It’s a good question, considering the social distancing we are all following. Direct deposit is offered through the government but you have to have that information available on your 2019 tax return. Your 2018 tax return will be used if you haven’t filed your 2019 tax return as of yet.
A few weeks may be needed for the funds to be disbursed. Some may get them early in April but others might not see the checks for a few weeks longer. Additional checks may also be coming, although there isn’t any official word on it as of yet.