June 16, 2020 - Douglas Myser

Getting unemployment and stimulus check. Here's what you need to know about getting both. Most taxpayers are getting a one time stimulus check n the coming weeks--if they haven't received it already. The payment is up to $1200 for individuals ($2400 for joint returns) and $500 per dependent child. A family of five can receive a one time $3000 payment for instance. Who qualifies ? TO get a payment you must have a Social Security number, file a 2019 or 2018 IRS tax return, non-filers may have to submit payment information. There isn't a minimum earned threshold to qualify for a payment. However, you can earn too much. Income phaseouts will result in reduced payment for higher adjusted gross incomes. Single filers with income over $75,000 will have their stimulus check reduced by $5 for every $100 over $75,000. Single individuals with an income above $99,000 won't receive any payment. Getting unemployment and stimulus check.

Joint filers begin seeing income phaseouts at $150,000, again with their check being reduced by $5 for every $100 earned above the limit. Joint filers become ineligible at $198,000. Heads of households can receive a $1200 payment plus $500 per child with an income up to $112,500. The upper phaseout limit depends on the number of children you have. If you receive Social Security and or Railroad Retirement benefits you qualify for the full amount.

What if you haven't filed your 2019 taxes yet ? Since the filing deadline for 2020 tax returns was pushed off until July many people have not filed their 2019 taxes yet. That's ok. If you haven't filed the government will use your income information from your 2018 taxes. If you qualify for the stimulus on your 2018 taxes you will receive a check. If you did not qualify based on your 2018 taxes, but will qualify on your 2019 taxes, you will receive your check after you file this year's return.