All about the U.S "Stimulus Check"
What is the Stimulus check?
Stimulus check is a kind of check which is sent to the taxpayers by the U.S. government. The primary purpose of this check is to provide the consumers some spending money to keep the economy running, by boosting up the consumption and opening revenues for workers, manufactures and retailers. Due to COVID-19, the world is facing a huge threat to the economy, Stimulus check is a strategic way of keeping up with the economy
Criteria for stimulus check
On March 27, Federal lawmakers passed the bill of stimulus check into a law. An economic package of $2 trillion will send most American checks of up to $1200, in this way money will be sent directly to those families which are struggling with the economic pressure due to the COVID-19 pandemic. Following is the criteria for eligibility of getting this check :
- You are a US citizen or permanent resident who filed federal taxes for 2018 or 2019 if you meet the income thresholds.
- You receive SSDI (Social Security Disability retirement)or any survivor benefits..
- You receive Railroad Retirement benefits.
What is the income threshold for the Stimulus check?
If you have the gross income greater than following amounts then you won't be eligible to get stimulus check :
- Single Filer:$99,000
- Joint Filer(No kids):$, 198,000
If your gross income is lower than the above amount then you can automatically receive the stimulus check.\
Stimulus Check would be given dif erently among citizens
Yes, this is right, the check would be dif erent for dif erent citizens :
- Married couple :$2400
- Dependent children(Age must be less than 17 years old ) :$500
When will you get your stimulus check?
Well, it depends, If you included your deposit information during 2018 or 2019 federal tax return then you may receive your check by this week. The first checks were sent on April 9. If you haven't given your deposit information then there is no need to worry because, on April 17, IRS will release a new online tool called "My payment" which will help you to include your direct deposit information.
What if your income is in between the bigger figures and the gross income threshold?
You still would receive the stimulus check but $5 would be deducted after every $100 of your check.