Payments to Americans
How large will the payments be?
Most adults will get $1,200. Some may get less. For every qualifying child age 16 or under, the payment will be an additional $500.
How many payments will there be?
Just one. May be more down the road.
How do I know if I will get the full amount?
- First, recognize that the payments are based on your most recently filed tax return. Further, it is based on your adjusted gross income (AGI) which is on Line 8b of the 2019 1040 federal tax return. For those that have not filed a 2019 return, look at line 7 of your 2018 return.
- Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount.
- Married couples with no children earning $150,000 or less will receive a total of $2,400. And taxpayers filing as head of household will get the full payment if they earned $112,500 or less.
- Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000. Married people with dependent children’s phase out is a little higher. For every $100 above the $198,000 the check is reduced by $5.
- You can’t get a payment if someone claims you as a dependent, even if you’re an adult. In any given family and in most instances, everyone must have a valid Social Security number in order to be eligible. There is an exception for members of the military.
When will the payment arrive?
It is expected that most people will get their payments within three weeks.
Do I have to pay income taxes on the amount of my payment?
Do college students get anything?
Not if anyone claims them as a dependent on a tax return. Typically, students under age 24 where parents pay at least half of their expenses are considered dependents.
What year’s income should I be looking at?
2019. If you haven’t filed 2019, then you can use your 2018 return.
What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?
No. But, you may benefit once you file your 2020 taxes. The payment is technically an advance on a tax credit available for the entire year. It will depend on how much you earn.
Will I have to apply to receive a payment?
No. If the IRS has your bank account information, it will transfer the money to you via direct deposit.
Will people who are receiving Social Security retirement or disability payments get a stimulus payment?
Will eligible unemployed people get these stimulus payments? Veterans?
Yes to both.
Will U.S. citizens living abroad get a payment?
Yes, as long as they meet the income requirements and have a Social Security number.