How to Get a Coronavirus Stimulus Check
Last week, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, has been signed into law. This releases a $2 trillion stimulus package to help Americans get through the coronavirus crisis. You can receive up to $1,200 if you qualify.
There is no need to sign up to receive a stimulus check. The process is automatic for most people who qualify. For those people who usually do not file a tax return, the IRS says it is a must to file a simple tax return to receive payment. Check out the steps below to get your stimulus check.
1. You need your Social Security number. This is the number one requirement to receive your stimulus check from the government. Non-residents, people without a Social Security number, and adult dependents do not qualify to receive government aid.
2. File a tax return for 2018 or 2019. The stimulus check is up to $1,200. How much will you receive? This is calculated based on the adjusted gross income listed on the latest tax return you filed from last year or 2018. If your adjusted gross income was less than $75,000, you are eligible to receive the maximum amount of $1,200. Single filers who earned between $75,000 and $99,000, or married filers who earned between $150,000 and $198,000 will get reduced payments. For parents with children under 17 years old, there is an extra payment of $500 per child.
What if you do not normally file a tax return? People on the lowest income levels must file a simple tax return to get a stimulus check. The same goes for senior citizens, Social Security recipients, some veterans and individuals with disabilities who are not usually required to file a tax return. The simple tax return is only to update the filing status, number of dependents, and bank information.
3. Review your direct-deposit information. Your coronavirus stimulus check will be disbursed by the IRS based on the direct-deposit information you provided on your last tax return.
4. Update your bank information. The IRS will not be sending paper checks. Make sure you update your bank information. In the coming weeks, you may be able to do this online as the Treasury plans to create a web-based portal for individuals to provide their banking information to the IRS. This will allow you to receive the coronavirus stimulus immediately as opposed to checks in the mail.