Coronavirus Stimulus Check - Westlake Financial

Coronavirus Stimulus Check FAQs

The U.S government just passed a $2 trillion stimulus package, meaning most American adults will be receiving stimulus checks of $1,200 or more. Below we have provided answers to some of the most frequently asked questions about the stimulus checks.

 

To learn more about the Coronavirus Stimulus Checks call (877) 728-6618.

Any US resident with a Social Security number will be eligible to receive a cash payment. However, the cash payment phases out based on Adjusted Gross Income (“AGI”). The amount of the stimulus check will depend on the AGI on the latest tax return filed, whether that be from 2018 or 2019. Individuals who receive social security benefits and do not file taxes may also be eligible.  (Source) (Source)

Americans who earned less than $75,000 will receive the max amount of $1,200 ($2,400 in the case of eligible individuals filing a joint return). Reduced payment amounts will go to individuals who earned between $75,000 and $99,000, or married couples who filed jointly that made between $150,000 and $198,000. $500 per child, 16 years of age or younger, will be disbursed to parents. Payments will not be disbursed who those who earned more than $99,000, individually or $198,000 jointly. (source)

The Internal Revenue Service (IRS) will use the direct deposit information that you provided on your last filed tax return to send your payment to your bank account. If you did not provide the IRS with your direct deposit information or have closed that account, the IRS will mail you a check.

If you have not yet filed a 2019 tax return, the IRS will use the information provided on your 2018 tax return to determine if you meet the qualifications for a check and to find your direct deposit details or mailing address. (source)

Yes, you can earn an additional $500 per child 16 years of age or younger. Also, you could receive $2,400 in the case of eligible individuals filing a joint return.

No, they are not taxable. (source)

If you have not filed for 2019 returns, you can do that now to make sure the government has your
updated income and direct deposit information, as well as 2019 information about recent births, deaths, marriages, divorces and moves. For those individuals who get benefits but do not typically file taxes, the IRS will be able to access the information they need from the Social Security Administration. As such, these people might not need to file tax returns to claim this payment; the IRS will provide more details. (Source)

People on Social Security are eligible to receive payment from the government’s stimulus package so long as they do not exceed the income limit. Americans who are on low-income Social Security do not need to file a tax-return. If they received an SSA-1099 form, the payment will be sent via the usual way they get their Social Security payment. Retirees as well as people on disability are both eligible for the payment.

More questions? Give us a call.

1.877.728.6618