The House passed the stimulus bill and it is now certain that each qualifying American will get up to $1,200. This also includes permanent residents as well. The phase out threshold for the coronavirus stimulus begins at $75,000 and it completely phases out at $99,000 for singles. Joint filers can double these amounts to determine their checks.
When determining how much you will get, your 2019 tax return will be taken into account. If you haven’t filed your tax return yet, then the 2018 tax return will.
Given the most convenient way of distributing the money to each and every American is through the IRS, you will get your coronavirus stimulus check the same way you get your tax refund. Therefore, if you direct deposited a tax refund, that’s how you’re going to get it.
How the money is going to be handed out to the Americans isn’t certain yet, the above is definitely going to be the most popular option. However, we expect more options to be added. Once more details emerge from the Treasury Secretary on how Americans will be paid, you can learn it from our front page. So make sure you turn your notifications on.
Check Amount and Phase Out
As mentioned, each American can be qualified for up to $1,200. Keep in mind that the individuals aged 18 to 24 who were claimed a dependent on someone’s tax return won’t get anything. The phaseout threshold for both singles and joint filers can be seen in the following table. Also, those who filed as head of household will be considered as singles.
|Single||Begins on $75,000|
|Single||Ends on $99,000|
|Married||Begins on $150,000|
|Married||Ends on $198,000|
As for how to claim the coronavirus stimulus checks, you don’t necessarily need to do anything at the moment. As soon as the Internal Revenue Service announces how everyone will claim it, we will keep you updated!