Kansas City residents on both sides of the state line have bills to pay and are likely asking themselves the following questions:
- Do I qualify for a stimulus check?
- When will I get a stimulus check?
- How much will my stimulus check be?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law March 27, 2020. The $2 trillion economic stimulus package includes a one-time payment of up to $1,200 per person. Many Americans qualify for this help the federal government is providing to U.S. citizens.
To clarify, the stimulus payment is not taxable income. You will not owe taxes on this money. Also, a stimulus check is separate from your tax refund. If you’re due a tax refund, you will still get that if you file your return.
Who Will Get a Stimulus Check and How Much?
Not everyone will get a payment through the stimulus package, although many will. You can be eligible for a stimulus payment whether you’re employed full time, part time, self-employed, unemployed or retired. You must have a Social Security number or Adoption Tax Identification Number. You cannot be claimed as a dependent on someone else’s tax return.
Whether or not you qualify is also determined by your adjusted gross income (AGI) from your 2019 tax return or your 2018 tax return if you haven’t filed yet. To receive the full stimulus payment amount of $1,200 per person, your AGI must be the following amounts according to your tax filing status:
- Single filer, married filing separately or as a qualified widow: your AGI must be less than $75,000.
- Head-of-Household: your AGI must be less than $112,500.
- Married filing jointly: your AGI must be less than $150,000.
If your AGI is above the amounts listed above, your credit will be reduced by $5 for every $100 over the limit.
Parents will receive a $500 payment for each child under the age of 17.
Americans on disability or Social Security retirement will receive the maximum amount of $1,200 per person.
H&R Block, founded and headquartered in Kansas City, has a handy stimulus check calculator you can use to help you figure out how much you may get from your stimulus check.
How and When Do Stimulus Checks Arrive?
If you filed your 2018 or 2019 taxes, you don’t need to do anything. The IRS will automatically direct deposit or mail payments to the bank account listed on your last tax return or mail a check to the address on record if no account information is available.
Stimulus payments will also go automatically to Americans who are on Social Security retirement and disability, regardless of whether they have filed a tax return in 2018 or 2019.
Payments are now being sent out. You can expect direct deposit payments to show up first, followed by paper checks. It could take up to 20 weeks or more for a paper check to arrive. However, the IRS is planning to set up a web portal for tax payers to offer banking information in order to receive those payments electronically.
You can track your payment with the new IRS Get My Payment tool.
If you haven’t filed a tax return in 2018 or 2019 file your 2018 taxes now to ensure that you get your stimulus payment isn’t impacted.
Beware of Stimulus Package Scams
Any situation can bring about a scam, so beware of suspicious communication from anyone claiming to be involved with processing stimulus checks. The federal government will not call or email you or reach out via social media. Any outreach like this is likely a scam so don’t reply, share any personal information or send money.
Other Helpful Resources: