This may come as a surprise, but not everyone will get a $1,200 stimulus check.
Here’s what you need to know.
As part of the CARES Act – the $2.2 trillion stimulus package – most Americans will receive a stimulus check that could be as much as $1,200 per person. However, to be clear, not everyone will receive a stimulus check. Further, if you get a stimulus check, your check may be less than $1,200. How is this possible?
Who Gets A Stimulus Check
The following people will receive a stimulus check (also known as an Economic Impact Payment) automatically:
- You are a U.S. citizen or permanent resident who filed federal income taxes for 2018 or 2019 if you meet the income thresholds;
- You receive Social Security retirement, disability (SSDI), or survivor benefits; or
- You receive Railroad Retirement benefits.
How much money can I get?
The amount of your stimulus check depends on your adjusted gross income, as indicated on your federal tax return, subject to income thresholds:
Married Couples: $2,400
Dependent Children: $500 (must be less than 17-years-old)
What are the income thresholds?
The good news is that there is no minimum adjusted gross income threshold. However, there is a maximum income threshold, and your stimulus check amount phases out by $5 for every $100 above certain income levels based on your tax filing status. If your adjusted gross income is less than this amount, you will get a stimulus check for $1,200 (or $2,400 for married couples filing jointly):
- Single Filer: $75,000
- Head of Household: $112,500
- Married/Joint Filer: $150,000
So, what if I earn more than these amounts? Do I still qualify for a stimulus check?
It depends how much money you earn. First, if you qualify for a stimulus check and earn more than the adjusted gross income levels mentioned above, then your stimulus check will be less than $1,200 per person. Why? Remember, the stimulus check begins to phase out (gets reduced) by $5 for every additional $100 of adjusted gross income you have above those amounts. Therefore, the amount of your stimulus check will be lower based on the more adjusted gross income you have.
At what income will I not qualify for a stimulus check?
If your income is greater than these amounts, you will not get a stimulus check:
- Single Filer: $99,000
- Joint Filer (no children): $198,000
When do I get my stimulus check?
The first checks were sent as early as April 9 via direct deposit to taxpayers who provided their direct deposit information on their 2018 or 2019 federal tax return. Check your bank account to learn if your deposit has arrived. Most direct deposits should arrive by April 14. If you did not provide direct deposit information, a paper stimulus check will be mailed to you. The IRS will start sending paper stimulus checks beginning April 24. Approximately 5 million checks are expected to be mailed each week, starting with taxpayers with the lowest adjusted gross income. Therefore, paper checks could take several months between May and September (depending on your adjusted gross income) to arrive. On April 17, the IRS will release a new online tool called Get My Payment, which will also enable you to input your direct deposit information to get your stimulus check faster.