The President signed a stimulus relief bill into law Friday worth more than $2 trillion dollars.
If you’re wanting to receive a stimulus check from the Coronavirus bill, you’re going to have to make sure you’re up-to-date on your taxes.
Since the bill has officially been signed into law, the checks will come via the IRS, which will use 2019 taxpayer forms to determine how much a person’s check should be and where it should be sent. If 2019 taxes have yet to be filed, the IRS would use information from taxpayers’ 2018 forms.
If you haven’t filed taxes yet for one of those years, now is a good time. You can do so online right now for free.
The IRS has two ways for free filing options, one for those making under $69,000 and another for those making above $69,000. Both can be found on IRS.gov. Multiple websites allow you to file your 2019 taxes for free, including TurboTax and Free Tax USA.
For low-income Americans who don’t typically file taxes, they still need to file a form. The IRS says that form is known as form 1040, which can be found here. People receiving nontaxable income still get checks. People receiving Social Security benefits will also get the payment.
Individuals making up to $75,000 a year will receive checks for $1,200, with an additional $500 per child. The payments will progressively decrease for individuals making more than $75,000, with an income cap of $99,000.
Couples will receive $2,400.
Americans who owe child support could see their check entirely wiped out. Those who owe back taxes or student loans will still receive their checks.
Any money you receive will not be considered taxable as the IRS considers it a credit, or money you’ve already paid that they’re giving back to you.
Americans should start getting checks within three weeks, Treasury Secretary Steven Mnuchin said Thursday.