Finance

Coronavirus Stimulus Check Eligibility Requirements

In the last 24 hours, the United States officially surpassed every country with most coronavirus cases. While the economic damages of the coronavirus continue, the House passed the $2 trillion coronavirus stimulus bill.

As part of this, Americans will receive checks up to $1,200. If your adjusted gross income is below $75,000 you’ll get the full $1,200 check. Those who make more than $75,000 will receive reduced checks. Over $99,000, the checks will phase out completely.

The eligibility for the coronavirus checks is determined by your adjusted gross income on your 2019 tax return. If you haven’t filed your tax return yet, then it will be based on your 2018 tax return.

Here is how much you are going to get with the $2 trillion coronavirus relief bill.

Coronavirus Relief Plan Check Income Requirements

Single Filers

AGIRelief Plan Check ($)
$75,000$1,200
$80,000$950
$85,000$700
$90,000$450
$95,000$200
$99,000 and more$0

Married Filing Jointly

AGIRelief Plan Check ($)
$150,000$2,400
$160,000$1,900
$170,000$1,400
$180,000$900
$190,000$400
$198,000 and more$0

On top of what you will receive, you will also get an additional $500 per child under the age of 17. Again, same as the adults, the phaseout will begin at $75,000 for singles and $150,000 for joint filers. So instead of $500, you may receive very little.

The IRS also postponed the tax payments earlier this week, pushing the deadline for tax payments to July 15. However, you still have to file your tax return. Need additional time to file your tax return? Learn how you can file a tax extension in 2020 from here.

There are also many more financial measures taken to ease the financial burden of what the workers and small business owners are experiencing. If you’re currently getting unemployment benefits, there will be an increase of up to $600. This amount is given additionally on what you receive from your state.

To learn more about the unemployment benefits increase and everything the plan includes, you can read this article.

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