With millions of businesses forced to close all across the country, America’s workers and retirees are depending on a little help to pay their bills. In a bipartisan effort, Congress approved the CARES Act, a $2 trillion economic stimulus package that would authorize the IRS to send checks or direct deposits of up to $1,200 or more to Americans who qualify. If the COVID-19 lockdown has left you unsure how you’ll make ends meet this month, you’re probably wondering if you’re eligible, and when your payment will arrive. Crash Proof Retirement®® has some important details for you; read on to find out more about the CARES Act and how to check on the status of your stimulus payment.
Who Qualifies for a Stimulus Payment?
Under the terms of the CARES Act, single adults who reported adjusted gross income (AGI) of $75,000 or less will receive $1,200. That amount decreases by $5 for every $100 earned over $75,000. Couples filing jointly will receive $2,400 if they have an AGI of less than $150,000. In addition, you will get $500 for each dependent child under the age of 17. If you had an AGI of more than $99,000 on your 2019 tax return ($198,000 for couples filing jointly), you will not receive a check.
If you are already receiving Social Security benefits and you do not have dependent children (including those of you who are receiving Social Security Disability Insurance), you will receive your $1,200 payment in the same manner in which you receive your Social Security payments. If you don’t have dependent children, you should not have to file any additional forms.
How to Check Your Status
The qualifications listed above apply to only the most straightforward situations. Even if you don’t fit into one of the above situations, you still may qualify for a payment under the CARES Act. If you would like to find out for sure, you can find out in just a few minutes using the Internal Revenue Service’s Get My Payment Tool. Just click the link and enter some simple pieces of information. You’ll find out instantly if your payment has been scheduled, or if the IRS can’t determine your status.
If your payment has been processed but you didn’t file a tax return in 2018 or 2019, you can enter your bank account info to receive a direct deposit instead of a paper check, potentially allowing you to get your payment earlier. If your status can’t be determined, don’t worry! In most cases, this error occurs because you did not file your taxes or you did not receive a tax refund in 2018 or 2019, or because your 2019 taxes have not been processed yet. Keep an eye out for your check in the mail and contact the IRS if you need to know more.
At Crash Proof Retirement®®, we know this is a difficult time for you, whether you’re still working or you are retired. We hope that the economic stimulus provided by the CARES Act will make life a bit easier. In the meantime, we will be here to help you get through this and tell you about revolutionary retirement investments that can protect your nest egg from stock market crashes.