How to get your coronavirus stimulus package money
FOX Business’ Edward Lawrence on what Americans need to do to receive their coronavirus relief check.
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The federal government is working on processing and sending out relief money to many American households – and the big question many individuals have is whether they will be receiving any.
The payments will be $1,200 per adult and $2,400 for married couples, plus $500 per eligible child.
The checks are expected to hit direct deposit accounts within three weeks – though checks in the mail are expected to take longer.
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Whether you receive money will be based upon your adjusted gross income as listed on either your 2018 or 2019 tax return – whichever is the newest document on file with the IRS.
Here’s a look at groups of people who are not eligible for stimulus relief.
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The adjusted gross income cutoff thresholds for the benefit are more than $99,000 for individuals, $146,500 for heads of household with one child and $198,000 for joint filers without children.
While parents are able to receive $500 per child, that only pertains to children age 16 and under.
If you are claimed as a dependent on a tax return and are age 17 or older, then you are likely not eligible for a stimulus check.
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No Social Security number
In order to receive the benefit, you need to have a work-eligible Social Security number.
That could prove troubling for married couples. According to the Tax Policy Center, if one spouse does not have a Social Security number, the couple is not eligible for relief.
Didn’t file taxes
If you have filed neither your 2018 nor your 2019 return – and you were supposed to – the IRS is urging you to do so as soon as possible in order to get the money.
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