This is one part of several blog articles to be released over the coming days. The guidelines for other CARES Act items are constantly evolving.
The direct cash stimulus will be distributed as $1,200 to individuals making up to $75,000/year or as $2,400 to couples making up to $150,000/year. Additionally, $500 will be distributed per each dependent child in the household. Taxpayers filing as head of household would get the full payment if they earned $112,500 or less. Above those income figures, the payment decreases until it stops altogether for single people earning $99,000; married people who have no children and earn $198,000; or head of household who earn $136,500.
The government will go by taxpayers’ 2018 or 2019 (if 2019 was already filed) tax returns when determining the payment amounts. The government suggests that payments could begin around the third week of April but might take months to arrive, depending on how the payments are sent. This will be determined by whether a taxpayer had used direct deposit to file their 2018 or 2019 income tax return. Paper checks will be mailed to those for whom the IRS does not have current bank account info. Payments by check likely will take longer to receive than direct deposit payments.
Note: Social security recipients who don’t normally file a tax return will still receive a stimulus check, no other steps necessary.