RoxanneNot receiving your coronavirus stimulus checks can be stressful, especially in tough times like these, where every penny counts.
Many breathed a sigh of relief when the government announced it was providing stimulus payments in response to the pandemic. With so many people losing their jobs and income, the announcement was a small silver lining during some very dark times.
Unfortunately, everyone hasn’t received their stimulus checks yet. If you’re one of them, we’ll reveal the number one thing you can do to get your Economic Impact Payments, and how much money you can expect.
Coronavirus Stimulus Checks Background
If you haven’t been paying too much attention to the news because you want to keep things positive, here’s a bit of a background on the stimulus checks or Economic Impact Payments.
They were first approved in March of last year. The government created the checks to inject some much-needed movement into the stagnant economy. More importantly, it made them to give families funds to buy food and take care of some of their bills. The second round of checks, meanwhile, was announced during December 2020.
COVID-19 Stimulus Payment Amounts
If you received your first round of Economic Impact Payments, you probably know that they provided each eligible adult with $1,200. Dependent children received $500.
Depending on your household size, those amounts could have added up to a decent-sized check. But with the second round of payments, the payouts dropped.
Instead of giving each eligible adult $1,200, the second stimulus offered just $600. Dependent children saw their payouts increase to $600.
As for how the funds were disbursed, you have a few options. The government mailed out prepaid debit cards and checks. Some people, however, received their stimulus payments by direct deposit to a bank account. This bank account is whatever you used to receive Social Security and other federal benefits or your tax refund.
Missing Payments
Although news of stimulus payments was great, not receiving those payouts has been a disappointment for some. If you’re still waiting on coronavirus stimulus checks, make sure you’ve filed your 2020 tax return. Even if you never file returns, you’ll have to do so this time around if you want to receive that stimulus money. For help with filing your return, visit the MyFreeTaxes website.
If you filed a return and are wondering about your stimulus payment status, a quick call to the 211 Economic Impact Payment Helpline at 844-322-3639 may give you some clarity. IRS-certified volunteers can help point you in the right direction as well.
Qualifying for COVID-19 Stimulus Payments
One big reason why you may still be waiting on stimulus checks is that you don’t qualify. To be eligible for Economic Impact Payments, you’ll need the following:
- A Social Security number
- Status as a U.S citizen or resident alien
- Not be listed as a dependent on someone else’s tax return
- Adjusted gross income under $75,000 as an individual, $112,500 as a head of household, or $150,000 as a married couple filing jointly.
If you received stimulus payments lower than those amounts listed at the beginning of this article, it could be because your income exceeds the standard limits. You can receive smaller stimulus payments if your individual, head of household, or married income is below $99,000, $136,500, or $198,000, respectively.
