How To Be Eligible For Stimulus Check 2022

 

How To Be Eligible For Stimulus Check

How to be eligible for stimulus check

Introduction

In an effort to fight the economic impact of the coronavirus, the federal government has approved a stimulus bill that will provide Americans with $1,200 checks (and couples with $2,400 checks). New York Times reporter Jim Tankersley tweeted Tuesday that 80% of adults will qualify for the full stimulus payment. If you're one of those people who's wondering if you'll get a check, here's what you need to know. First things first: The IRS says that in order to receive direct deposit or mail-based payments from them, you must have filed a tax return in either 2018 or 2019. (Otherwise, they won't have your current banking information on record.) Note that this doesn't necessarily mean that you had taxable income either year; even if your 2017 income was too low for you to owe any taxes at all—or even submit a tax return—you should still be eligible for the stimulus check.

You weren't claimed as a dependent.

You must have filed a tax return.

You must have been 18 years old or older on December 31st of the tax year.

You must have been a U.S. citizen or resident alien all year long (If you were a nonresident alien married to a U.S. citizen or resident alien, you may be able to file as Head of Household).

You must have lived within the United States for at least half of the year, with some exceptions for military personnel and federal workers stationed overseas.[3]

You filed a 2018 or 2019 tax return.

The most important factor in determining eligibility is your filing status. If you filed a tax return, you're eligible (assuming you meet the other requirements).

If you didn't file a tax return, there are still ways to qualify:

  • If your employer withheld more than $5,000 in federal income taxes from wages in 2019 and/or 2018—which would be reflected on your W-2 form—you can claim the earned income tax credit. That said, this is an ongoing trend that's not limited to those who got stimulus checks when they were issued. As long as they continue to work for their employers, these individuals may qualify for payments even if their employers aren't offering incentives like bonuses or other perks down payment assistance program .

Your adjusted gross income was less than $99,000 if you're single (or $198,000 if married).

Your adjusted gross income was less than $99,000 if you're single (or $198,000 if married).

The IRS defines adjusted gross income as your gross income minus certain deductions. Gross income is the total amount of money you earned before taxes and other adjustments—the sum of what shows up on your W-2 or 1099 forms. In addition to taking out deductions for self-employment taxes and student loan interest payments, the IRS subtracts from your taxable wage base any additional income that isn't counted as wages. This includes things like unemployment compensation and welfare benefits that are usually exempt from taxation by law (but not always). Your AGI represents how much money you actually took home after adjusting for these factors; it's essentially what you file on tax returns with when claiming credits and deductions that reduce how much federal tax bill you owe each year.

To be eligible for stimulus checks, your adjusted gross income needs to be below $99K if single ($198K if married)

Your bank account isn't too big.

You're not eligible for a stimulus check if the total value of your bank accounts is more than $1 million. If you have more than $2 million in a bank account, you don't qualify. And if you have more than $3 million in a bank account, well...you just can't win them all.

Stimulus checks are based on your income and filing status.

You must file a tax return to get a stimulus check. If you file jointly with your spouse, your combined income cannot be over $198,000. If you are single, your income cannot be over $99,000. You may qualify if you are head of household and have at least one qualifying child living with you and your total household income is less than $67,000.

Conclusion

The good news is that most taxpayers who have filed a 2018 or 2019 return already meet the eligibility requirements. You don't have to do anything else, and you will receive your payment by direct deposit if you supplied bank account information on your tax return. If not, it will be mailed to the address listed with the IRS for that year.

If you haven't yet filed a 2018 or 2019 return and meet the above criteria, now's the time to file so you can get your check! If you're not sure how much money will come in from the stimulus package, use this calculator.

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