Stimulus check details explained

By FLOYD INGRAM / THE PRESS REGISTER,

 

The CARES Act included direct payments to citizens to help ease cash flow and financial problems caused by this crisis. The checks will be based on 2019 income taxes, or 2018 if you have not filed this year yet. Most adults will get $1,200, or $2,400 for a married couple. Those with adjusted gross income of $75,000 ($150,000 for married couples) or less will get the full amount. The amount gets phased out as incomes rise to $99,000 for individuals or $198,000 for couples. Taxpayers filing as heads of household will get the full payment if they earn $112,500 or less.

An adult who is claimed as a dependent cannot get a payment of their own. For families with children, payments will include an additional $500 for each qualifying child age 16 or younger.

To see what your adjusted gross income is, look at Line 8b on your 1040. You do not have to do anything to get this check, which is technically an advance on a tax credit to your 2020 federal taxes. If the IRS has your bank information for direct deposit, it will be deposited. Otherwise, it will be mailed based on the address from your filings.

It is important to note that the IRS will NOT contact you to ask for your Social Security Number, bank account, or other personal information. If you are contacted by someone who claims to be from the IRS and asks for this information as a condition of getting your check, you should not share it.

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