UNEMPLOYMENT AND A STIMULUS CHECK
June 3, 2020 - Douglas Myser
Unemployment and a stimulus check. The CARES Act became law on recently with several financial aid provisions for American households. Two signature pieces of the stimulus package are now arriving--stimulus checks and enhanced unemployment benefits. As the unemployment rate continues to increase these benefits are more valuable that ever. Stimulus checks. Most taxpayers are getting a one time lump sum stimulus check in the future--if they haven't received it already. The payment is up to $1200 for individuals and $2400 for joint filers, and $500 for each dependent child. A family of vie can receive a one time $3900 payment. There are a few basic requirements to receive your stimulus check. You need a Social Security number. You have to file either a 2018 or 2019 tax return, non-filers may have to submit payment information. Unemployment and a stimulus check.
There isn't a minimum earned income 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. 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 household 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 or Railroad Retirement benefits you qualify for the full amount.
Most people won't have to do anything to receive their stimulus payment. You may need to take action if you're a non-filer or need to update your direct deposit details on the IRS website. It's also possible to update your mailing address using the IRS online tool.
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