Have You Received Your Stimulus Check?
The historic CARES Act is already taking effect. On Wednesday, many Americans received what the government is calling “Economic Impact Payments.” Payments will continue as paper checks go out in the mail and more taxpayers update their direct deposit information.
Am I Eligible?
In all likelihood, yes. All individual filers with valid Social Security numbers who cannot be claimed as dependents will receive stimulus payments if they make under $99,000/year. Joint filers who make less than a combined $198,000/year are also eligible. Individuals who earn less than $75,000/year and couples making less than $112,500/year will receive the biggest checks: $1200 dollars. Filers with dependent children will receive an additional $500 for each child. The total payout decreases by $5 for every additional $100 a person earns. Someone who earns $80,000/year, for example, would receive a stimulus payment of $950.
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Since Tax Day has moved to July 15, the IRS will use both 2018 and 2019 tax returns to assess eligibility and send out payments. Seniors who have not filed taxes in the last two years will still get checks. The IRS has reported that it will use banking and mailing information from the Social Security Administration to ensure these payments are made.
Where Is My Check?
Treasury Secretary Steve Mnuchin predicts that 80 million Americans received their stimulus payments on Wednesday, April 15th. Still waiting on yours? The IRS has created an online tool to track the status of your payment. Mnuchin suggests the majority of payments will go out within the next two weeks. Americans who haven’t set up direct deposit accounts, however, may have to wait longer for paper checks. If you haven’t already given the IRS your banking information, you can do so on its “Get My Payment” page. The IRS website includes a reminder that most Americans will not have to take action.
It’s still not clear when America will reopen or what it will look like when it does. With 90% of Americans still under stay-at-home orders, each state is hard at work on its own recovery plan. Several groups — California, Washington, and Oregon, for example — are collaborating in hopes of returning to normalcy together. Seniors are advised to continue checking in with credible news sources and complying with state and local regulations.