Eligibility Updates $1,200 Stimulus Checks Due To The Coronavirus?

Although 80 percent of adults are expected to receive payments, you’ll need to keep reading to see if you qualify.

While stimulus legislation just passed the Senate, it still must pass the House of Representatives. Once they do, you may be looking at some much-needed funding to keep you and your family afloat during these difficult times.

To help you better understand how these stimulus checks will work, let’s take a look at some common questions on the topic:

1. How do you qualify for a COVID-19 stimulus payment?

If you make up to $75,000 per year, you will be eligible for the full $1,200 payment. You can still qualify if you make up to $99,000 per year as an individual. Your payment amount will decrease by $5 per $100 in income above $75,000.

Married couples with adjusted gross income below $150,000 per year qualify for a $2,400 check. A couple can make up to $198,000 per year to be eligible, with their payments being less than the full $2,400 on a sliding scale. Each couple can also receive $500 extra per child under 17.

If you typically file as a head of household, which is often the case for single parents with children, you can get a $1,2000 payment as long as your income is below $112,500 per year.

You can still be eligible for a stimulus payment as head of household if you make up to $136,500, but you will receive less than the full amount on a sliding scale.

Head of households will also receive $500 per child under the age of 17.

2. When will corona stimulus payments arrive?

According to Treasury Secretary Steven Mnuchin, the first stimulus payments will be distributed during the week of April 6.

This date is not set in stone, however, so payments may get pushed back towards the end of April.

3. How will coronavirus stimulus funds be paid?

If you qualify, you can get your stimulus funds via check or direct deposit. The payment format depends on your tax filing with the IRS.

If you filed your tax return for 2019 (the most current one), you will receive a direct deposit according to the information listed on your return. If that account is closed or you didn’t register one, you will receive a check instead.

If you haven’t filed your 2019 tax return yet, the IRS will use your 2018 information to check your payment eligibility and figure out how to disburse the funds.

4. Who is not eligible for this stimulus payment?

People who exceed the income requirements, dependents already claimed on tax returns, and nonresident aliens will not be eligible for payment.

Experts at the American Enterprise Institute believe that approximately 125 million people will receive a payment, which equals 83 percent of those who filed taxes.

5. Where can you find out more information about the stimulus checks?

The IRS has created a website for the COVID-19 stimulus payments that will be updated as more information rolls out. You can click here to visit it.