Remember, the IRS will not call you and ask for banking or credit card information or your social security number. They already have it. Never give that information to anyone who calls saying they need it in order for you to receive a stimulus check.
Below is a list of common questions and answers regarding the CARES Act, a $2 trillion stimulus package passed by the federal government last week. If you have additional questions or need assistance, please contact your Cincinnati Works Professional Development Coach or Financial Coach.
How much will I get?
It will be based on your adjusted gross income (AGI) from your 2018 or 2019 income tax return, whichever has been filed.
- Individuals earning less than $75,000 will receive $1,200
- Couples earning less than $150,000 will receive $2,400
- Head of Household earning less than $112,500 will get $1,200
- If you have dependents, you will receive another $500 per child (so, a family of four would be eligible for a maximum amount of $3,400)
- Note: Your payment will be reduced by $5 for every $100 of income that exceeds the earnings limit
When is the money coming?
Checks will go out by April 17 (three weeks from the date the CARES Act was signed). The IRS will use your tax information from 2018 or 2019, depending on which return has been filed. If you have been working and paying taxes, the IRS will use this information.
Will I receive a check if …
- I am on Social Security or did not file a tax return due to lack of income? If you received a form SSA-1099 for 2019 and did not file in 2018 or 2019, you will receive a check
- I am a disabled vet and did not pay any taxes? You will, but this process still being worked on
- I am a college student? If you are claimed by someone else as a dependent, you would not qualify. If you filed your own tax return and were not claimed as a dependent, you will qualify.
- I am unemployed and receiving unemployment benefits? Yes, you will receive this check if you are unemployed and have filed a tax return for 2018 and 2019.
- I just got laid off, but I exceeded the earnings limit? You might still qualify, but you will have to wait for now.
- I am not a US citizen? If you have a Social Security number and are working and living in the United States, you will receive a check. If you are on a work VISA or have a green card, you will receive a check.
- I am homeless and/or I just got out of prison? You will be able to apply to the IRS for this payment as long as you have a Social Security number.
- I owe back taxes? Yes, you will still receive this check even if you owe back Federal or State taxes.
- I owe outstanding child support? The amount you receive will be reduced if you owe child support.
Will there be multiple payments?
Not at this time. It is a one-time payment. But further legislation could be enacted later if the need persists.
Do I have to sign up for this?
No. This will be automatic for those who filed a tax return or received social security.
How will the money be sent to me?
If you received a direct deposit refund in the past two years, the money will be sent to that account. If not, then the check will be sent to the last known address that is on record for you.
If your addressed has changed, you must notify the IRS or show your new address on any tax returns you will be filing.
Are these payments taxable or have to be paid back?
No, they are considered a credit.