If you are a United States resident, have a Social Security number, and have the qualifying adjust gross income levels and children, you may be getting a stimulus check. Here’s how the United States government says it’s going to work:
If You Qualify, How Much Money Will You Receive?
- Individuals who earn under $75,000 adjusted gross income will receive $1,200.00
- If you are married and make under $150,000 adjusted gross income, you will receive $2,400.00.
- If you are the Head of Household and earn under $112,500 adjusted gross income, you will get full payment
- If you have dependent children, you will receive $500.00 for each child regardless of your adjusted gross income.
What Happens If You Make More Money Than Listed Above?
Your stimulus check will be reduced based upon your income if the adjusted gross income is more than the amounts listed above.
Your payment will be reduced by $5.00 for every $100.00 you are above the adjusted gross income limits. If you are single and earning above $99,000 or married with no children and earning $198,000 or above, you won’t qualify for a stimulus check.
When Will You Get Your Stimulus Money?
According to the United States government, your payment is expected to be sent out in three (3) weeks. This is a rather ambitious timeline, but they say they are doing what they can to process your stimulus money as quickly as they can.
Where Will They Send Your Stimulus Check?
The Internal Revenue Service states that they will use the direct deposit information that you may have provided with your 2019 tax return and deposit your stimulus payment directly into your bank account.
If you have since closed that account or didn’t provide direct deposit information with your 2019 tax return, the IRS will mail your check.
Who Will Not Qualify in South Carolina for a Stimulus Check?
If you are an individual and make more than $99,000 or married and make more than $198,000, you are not considered eligible for a stimulus check. Also, if you are married with two children, you will not qualify for a stimulus payment if your income is more significant than $218,000. However, there isn’t any income level to be eligible for a stimulus payment for your children.
What If You Are On Social Security?
If you are on Social Security and received a Social Security Administration 1099 for the year 2019, you should be receiving your stimulus payment.
What Tax Year Is the U.S. Government Basing Your Stimulus Payment On?
If you haven’t filed your 2019 tax return, the IRS will use the information from your 2018 tax return.
Angela Elliot Frazier is a Family Law Attorney who practices in Greenville, SC. She graduated from the University of South Carolina School of Law, and has been practicing law for 14 years now. Angela Frazier believes in helping you through one of the most stressful times of your life. Learn more about her experience by clicking here.