What you need to know about the coronavirus stimulus check
At the end of March President Donald Trump approved the CARES act to aid those families and individuals who need help during the coronavirus outbreak.
As of Monday, April 13 the Internal Revenue Service (IRS) started sending out the first economic stimulus checks of up to $1,200 to eligible taxpayers, beginning with the people who have direct deposit set up with the IRS.
What people need to know is that not everyone will get the stimulus check and starting April 17 the IRS will open a portal so people can track the status of their payment. The people who qualify for the stimulus checks must be U.S. citizens or permanent residents who filed income taxes for 2018 or 2019. Also people who qualify must have an income of less than $75,000 a year, the head of household must make less than $112,500 or Married/Joint filer makes less than $150,000/
Also if the person receives Social Security retirement, disability (SSDI), survivor benefits or Railroad Retirement benefits they qualify for CARES aid. If the person meets all these requirements the IRS should automatically deposit the money in their accounts within the next few weeks.
Individuals who meet the requirements mentioned before, single individuals will receive $1,200, married couples $2,400 and if they have dependent children younger 17-years-old will receive an additional $500.
Do people have to pay income taxes once they get their stimulus check?
The government said that people don’t have to pay income taxes on your stimulus check and most of the people will receive their direct deposit by April 14. If you didn’t provide direct deposit information, the IRS will send you a paper stimulus check around April 24.
What about college students?
The situation for college students is far more complex because if someone claimed them as a dependent on their federal tax return, then they won’t get a stimulus check. Only if the college student is financially dependent and filed a 2018 or 2019 tax return then they will receive the stimulus check.
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