Since the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, we’ve all been wondering when the stimulus check will hit our bank accounts. In this post you’ll find the answers to how much you can expect and when it should arrive.
How much will I get?
How much you receive depends on your adjusted gross income. Single filers and heads of household with an adjusted gross income of less than $75,000 will receive the maximum amount of $1,200. For joint filers whose adjusted gross income is under $150,000 will receive $2,400.
The rebate phases out at $50 for every $1,000 of income earned above those thresholds.
If you’re a parent, you can expect a little extra. There is a $500 payment for each child under the age of 17.
When will I get my stimulus check?
If you have filed your 2018 or 2019 tax returns and the IRS has your direct deposit information, payments are scheduled to arrive via direct deposit in your bank account by April 15.
If you did not offer any banking information when you filed your taxes, or if you have not filed a tax return in 2018 or 2019, you will receive a paper check at your last known mailing address. It could take up to 20 weeks or more for a paper check to arrive.
To help out filers who did not supply banking information, the IRS is setting up a web portal for tax payers to offer banking information in order to receive those payments electronically. TurboTax has developed a portal of its own for those who want to calculate their adjusted gross income and submit direct deposit banking information. This will hopefully help you get your check faster.
What if I am on Social Security retirement or disability?
Stimulus payments of $1,200 will go automatically to Americans who are on Social Security retirement and disability, whether or not they have filed a tax return in 2018 or 2019.
Will I still get a tax refund?
The stimulus check is not a tax refund. You will still receive a tax refund if applicable, as long as you file your return.
Note about safety
The government will never call you, send you an email, or try to communicate with you through social media. If you receive a message do not respond. It is most likely a scam.