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Stimulus checks - what will impact how much you receive?
There were plenty of questions from @CBSNews readers about how the stimulus checks will work.
I tried to answer many of them for CBS in this article:
https://www.cbsnews.com/news/stimulus-checks-how-much-money-impact/
#Stimuluscheck #stimulus #StimulusChecks
There were plenty of questions from @CBSNews readers about how the stimulus checks will work.
I tried to answer many of them for CBS in this article:
https://www.cbsnews.com/news/stimulus-checks-how-much-money-impact/
#Stimuluscheck #stimulus #StimulusChecks
No. 1 *income*
Most people know this by now - if you earn less than $75k as a single taxpayer and $150k as a married couple, you'll get the full $1200 or $2400.
Every child UNDER 17 will receive $500.
Most people know this by now - if you earn less than $75k as a single taxpayer and $150k as a married couple, you'll get the full $1200 or $2400.
Every child UNDER 17 will receive $500.
No. 2 *if you earn more than $75k/$150k*
If you earn more than those thresholds, your payment will be reduced by $5 for every $100 over your income.
Here's a calculator to plug in your data: https://www.omnicalculator.com/finance/stimulus-payment
If you earn more than those thresholds, your payment will be reduced by $5 for every $100 over your income.
Here's a calculator to plug in your data: https://www.omnicalculator.com/finance/stimulus-payment
No. 3 *if you have an older teen*
Most high school seniors and some juniors WILL NOT receive $500. That's because once a child turns 17, they aren't eligible for this payment.
Yes, it isn't fair - it's not like high school seniors cost less to their families than younger teens
Most high school seniors and some juniors WILL NOT receive $500. That's because once a child turns 17, they aren't eligible for this payment.
Yes, it isn't fair - it's not like high school seniors cost less to their families than younger teens
No. 4. *college students*
Nope, no money as long as you are claimed as a dependent on your parents' tax returns.
Nope, no money as long as you are claimed as a dependent on your parents' tax returns.
No. 5 *if you are behind on child support*
This WILL impact your payment - basically, Treasury will take out what you owe in child support from your check.
This WILL impact your payment - basically, Treasury will take out what you owe in child support from your check.
No. 6 *Will I owe tax on the stimulus money?*
No, you will not.
No, you will not.
No. 7 "What if my income rises above $75k in 2020 - will I have to pay back the money?"
No, you will not.
No, you will not.
No. 8 *I owe taxes to the IRS/state - will that impact my stimulus check?"
No, it will not.
No, it will not.
No. 9 *I am not required to file a tax return. Will I get $500 for my dependents?"
No, you won't. The Treasury now says that consumers who aren't required to file a tax return (like some Social Security recipients and veterans) will automatically get $1,200 -- but (more)
No, you won't. The Treasury now says that consumers who aren't required to file a tax return (like some Social Security recipients and veterans) will automatically get $1,200 -- but (more)
Because they don't have data on your dependents (which would be in a tax return), you won't get $500 for each dependent.
