Coronavirus Stimulus Check For Americans Explained in Detail
Most significant Relief Bill in the history of America for $2 Trillion Stimulus package signed by President Donald Trump under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). The President’s decision brought a smile on the faces of Americans, but a part of them was unhappy about the decision. The reason for being unhappy is straight and simple as policies stated that if any America owes child support, then they are not eligible for the stimulus check. Under the package, it is finalized that Americans who will qualify will provide with a check payment of up to $1200
Heard about Stimulus Check for the first time let’s go into the details provided below. Or else it’s just an extra $1200 in your account. Enjoy !!
Trump Says No to Additional Covid-19 Stimulus Checks
What is COVID-19 Stimulus Check?
Coronavirus Stimulus Check is a term coined by people residing in America. In reality, it is just an advanced tax credit for the income taxes of 2020. It has given different names where the Internal Revenue Service (IRS) terms it as “economic impact payment”, and American Government terms it as “recovery rebate”.
Guidelines to Obtain Stimulus Check
- Social Security Number (SSN) of the citizen is required.
- If taxes for 2018 or 2019 has been filed or earning capacity is less but receive Social Security Payments.
- If earnings are less than
- $99,000 for Singles.
- $136,500 for Heads of House.
- $198,000 for Married People.
- If you are not or claimed dependent on someone.
How much amount will be received in Stimulus Check?
The President of America has capped the amount for the Stimulus check. One can get up to $1200 only, and the collected amount will be decided by the Internal Revenue Service (IRS) based on Adjusted Gross Income (AGI) present on the tax return of 2018 or 2019.
Category wise segmentation of maximum stimulus check payment is as follows:
- Singles with AGI below $75,000 – Up to $1200
- Heads of House with AGI below $112,500 – Up to $1200
- Married Couple combined AGI below $150,000 – Up to $2,400
5 Reasons For Not Receiving Stimulus Check
- First, a possible cause could be that your account is full of money, i.e. You must have earned more money this time around, and you are not falling into the government’s bracket.
- If your age is 17 years or more than 17 years, then you become ineligible for the payment as you can be termed as a dependent under the guidelines laid down in CARES Act.
- Social Security Number could be another issue if you failed to receive the stimulus check. If the Social Security Number provided is not a valid number, then the problem for payment is arising.
- If you owe child support, then you are not eligible for the amount of Stimulus check as stated in CARES Act.
- If you owe the money from the bank or any other debt collector, then Stimulus check will be paid to them, and chances for getting the test back are bleak at the moment.