Coronavirus Stimulus Money: How Much You May Get and When - Sarasota Herald-Tribune

The CARES Act kicks off a massive economic stimulus effort that, among other things, could put cash directly in your pocket soon. Here's a rundown of how much money you

The CARES Act kicks off a massive economic stimulus effort that, among other things, could put cash directly in your pocket soon. Here's a rundown of how much money you might get, how it will arrive and when.

How much is my stimulus payment?

The U.S. Treasury will disburse up to $1,200 per adult and $500 per child under age 17. A married couple with two kids could get $3,400, for example.

Who qualifies for a stimulus check?

Not everyone. There are a few hurdles.

Single filers whose 2019 adjusted gross incomes do not exceed $75,000 are eligible for the full $1,200 stimulus payment. From that point, payments shrink by $5 for every $100 of income, before expiring at $99,000.

Married couples who file jointly and whose 2019 AGIs do not exceed $150,000 are eligible for a full $2,400 stimulus payment. From that point, payments shrink by $5 for every $100 of income, before expiring at $198,000.

Heads of household whose 2019 AGIs do not exceed $112,500 are eligible for the full $1,200 stimulus payment. From that point, payments shrink by $5 for every $100 of income, before expiring at $136,500.

No matter your filing status, the stimulus includes $500 for every qualifying child under 17 you might have. So even if your income exceeds the maximums above, if you have kids you might still receive some money.

Who doesn't qualify for a stimulus payment?

Nonresident aliens don't qualify for money under the CARES Act. Furthermore, everybody involved must provide a valid Social Security number or adoption taxpayer identification number (there are some exceptions for members of the military).

And if you are a dependent on someone else's tax return, you do not qualify. Although parents would get $500 payments for their qualifying dependent children, this means no payments for elderly or disabled adults and some students over age 16.

The Treasury will look at tax returns to determine who gets a stimulus payment. If you haven't filed your 2019 tax return yet, it'll look to your 2018 return. And if you haven't filed a 2018 tax return, it will look at information from the Social Security Administration.

How and when do I get my stimulus payment?

The text of the legislation says the Treasury will get money out the door 'as rapidly as possible.' Many of the mechanical details are still in the works, but in addition to paper checks, one method the Treasury will use " perhaps the fastest one " is direct deposit; many people have already provided the necessary bank account information to the IRS on their tax returns (IRS Form 1040).

Keep an eye on the IRS Coronavirus Tax Relief page for updates.

If you haven't filed your 2019 tax return yet, the IRS will look to your 2018 tax return for direct deposit information, according to the text of the legislation. And if you haven't filed a 2018 return, it will look to information from the Social Security Administration.

What else should I know?

Four things.

First, if you owe back taxes, you'll still get money if you otherwise qualify.

Second, if you haven't filed your 2019 tax return, now might be a good time if for no other reason than to make sure the IRS has your current information and bank account details.

Third, if you 'made too much' in 2019, you may not get a check now even if you lose your job in 2020. But you might be made whole later (and don't forget about filing for unemployment). That's because these stimulus checks are technically an advance on a 2020 tax credit that's available all year. So if your 2020 adjusted gross income ends up being under the limit, you might be able to claim the tax credit when you file next year's tax return.

Fourth, keep an eye on your mailbox and your bank account. You should get a letter in the mail from the Treasury no more than 15 days after it disburses the money to you. It will indicate how the payment was made, how much it was for and provide an IRS phone number if you have questions or didn't get the money.