How to get your Stimulus Check
Over the weekend the US Treasury began issuing stimulus checks to US Taxpayers. Below are some common questions we've received recently from a lot of clients that I'd like to share to hit the highlights for everyone.
Q: How do I qualify to receive a stimulus check?
A: If you are a US resident and you were not claimed as a dependent on another person's tax return in the most recently filed tax year, you qualify subject to income limitations.
Q: What are the income limitations? (i.e. stimulus is reduced through a phase out)
A: Adjusted Gross Income (AGI) of $75,000 for individuals, $150,000 for married filing joint, and $112,500 for head of household filers.
Q: Where can I find AGI?
A: The revisions made to the 2018 tax year's forms place AGI on line 8b which is on the first page of Form 1040.
Q: How will I receive my Stimulus Check?
A: If you have provided your direct deposit information for a previously filed tax return, your Stimulus Check will be deposited electronically into your bank account. If you have not provided your direct deposit info previously you can do so now by going to https://www.irs.gov/coronavirus/economic-impact-payments and clicking on the Get My Payment button to provide this information to the IRS.
Q: How much will I receive for my Stimulus Check?
A: Single filers will receive $1,200 with Married Filing Joint couples will receive $2,400. An additional $500 will be included for each child who is under age 16 and has been claimed on your most recently filed return.