Self-Employed

Stimulus Checks: Tracking Payments & Questions Answered

Google+ Pinterest LinkedIn Tumblr

Yesterday, the federal government started the process of depositing stimulus payments into eligible individuals’ bank accounts that have direct deposit setup. For those that do not have direct deposit setup the stimulus checks will be showing up in mail boxes in the coming weeks.

Those that qualify for the payment and have not seen the direct deposit come through or in the mail, you can track the status of your check through a new IRS tool called Get My Payment

We have broken down how the stimulus check is calculated and who qualifies below. You can also try our stimulus check calculator to see if you qualify — Try Our Calculator.

How is the amount determined?

The government will look at your adjusted gross income, or your income after deductions, that you reported on your 2019 tax return. If you have not gotten around to filing your 2019 taxes yet, then the government will refer to your 2018 taxes.

If you earned $75,000 or less, you’re eligible for a one-time relief payment of $1,200. If you earned between $75,001 and $99,000, you’d receive less, as it will be based on a sliding scale. In that income bracket, the government is subtracting $5 for every $100 of income that is over $75,000.

For instance, if you earned $85,000 last year and filed your taxes for 2019, you would qualify for a relief check of $700. 

Does the amount change if I am married?

If you are married and filed taxes jointly with your spouse, you’re both eligible as a couple for one $2,400 check, but only if your adjusted gross income was less than $150,000. If you and your spouse together earned between $150,000 and $198,000, you’re still eligible for a reduced payment based on the same sliding scale, which deducts $5 for every $100 of income over $150,000. 

Will I receive more if I have children?

The answer is yes for children under 17, as long as your child meets the IRS’ qualifying child guidelines. Parents will receive an extra $500 per child, regardless of whether the parent is single or married. 

If you’re a single parent, you’re only eligible for the full $1,200 check, if you earned less than $112,500. If you made more than that, but less than $136,500, your check will be less based on the same sliding scale. 

Will I qualify if I didn’t earn income?

Those who are disabled or retired are eligible to receive $1,200, assuming that your social security benefits are not higher than $1,200.

How will I receive my relief money?

If you’ve set up an IRS direct deposit when filing your taxes, your relief payment will be transferred to the bank account that the IRS has on file.  If you have not set up a direct deposit, your check will be mailed to the address the IRS has on file. 

When will I receive my payment?

If you have setup direct deposit, the payment will be sent out starting April 15, 2020. 

Stimulus checks that are mailed will start to be sent out on April 15 and will continue to be sent through September 11. The less money you earn, the sooner you will receive your check. For instance, those whose income was between $10,001 and $60,000, your checks will be mailed throughout May. For income between $60,001 and $100,000, your checks will be sent during June, and so on. The last checks that go out in September will be for those who earned $190,000 and higher.  

Have questions, comments or concerns? We want to hear from you. Please contact us at support@everlance.com

Comments

Everlance is the #1 rated mileage and expense tracking solution. Download our award winning app on the Appstore & Google Playstore or try our mileage and expense solution for your company.

Comments are closed.