Individual StimulusIn approximately 3 weeks, the US Treasury will begin sending out rebate checks to individual taxpayers. If you have asked for refunds to be electronically deposited in either 2018 or 2019, the US Treasury will direct deposit your rebate as well. If your bank information has changed, you may need to contact the bank or call the IRS. If you do not have current direct deposit set up, your check will be mailed. To receive a rebate, your 2019 Adjusted Gross Income (AGI) must fall below the income cap for your filing status. Single filers‘ 2019 AGI must be $75,ooo or less to receive a rebate of $1,200. For married filing jointly, the AGI must be $150,000 or less to receive a $2,400 rebate. For a Head of Household (unmarried with children or dependents, and pays more than half of the household expenses), your AGI must be $112,000 or less to receive a rebate of $1,200. Married couples and heads of household who meet the income cap will also receive a rebate of $500 per qualifying child (under the age of 17). Those receiving Social Security benefits will be eligible. This rebate does not count as taxable income. For the vast majority of taxpayers, no action on your part will be required in order to receive a rebate check. If you do not usually file a tax return, but are receiving Social Security, you will receive your rebate; you do not have to file a return. Here is more detailed information for those taxpayers who earn in excess of the income limitations: Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns are eligible to receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and joint filers with income exceeding $198,000, with no children, are not eligible for the rebate. |