[NFBofSC] Stimulus payments

[Steve Cook]

We break down eligibility, payment dates, and more 

                 

 



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A second round of stimulus payments is coming, and most Americans will benefit.

 

If you have questions about eligibility and payments, you’re not alone. Answers to some of the most frequently asked questions follow, and more information is available at hrblock.com/coronavirus. 

 

Q:           Who is eligible?

A:            Eligibility is based on your Adjusted Gross Income from your 2019 tax return. You can view the income thresholds here.

 

Q:           How much money will I receive?

A:            Currently, the starting amount is $600 per person and $600 for qualifying children under age 17. Payments vary based on your 2019 household income, the number of children under age 17 you claimed, and your filing status. Our stimulus check calculator can help you estimate how much you may receive.

Q:           What if my information has changed since the first stimulus payment or since my 2019 taxes?

A:            You can indicate changes to income, filing status, or dependent information when you file your 2020 tax return and potentially receive additional money. 

Q:           When will I get my payment?

A:            The IRS announced it will begin issuing direct deposits and mailing checks this week. If you are receiving a direct deposit, you should see it in your account by January 4. All payments will be sent out by the end of January.

Q:           How will I get paid?

A:            In most cases, the IRS will use the information from your first stimulus payment or your most recent tax return. If you received the first round of stimulus payments on your Emerald Card and haven’t updated anything, it’s likely you will receive your second stimulus on your Emerald Card. Check hrblock.com/coronavirus for updates.

 

 

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