Coronavirus $1,200 stimulus check: See if you’re eligible, how to get your cash payment amount

Coronavirus $1,200 stimulus check: See if you’re eligible, how to get your cash payment amount
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The coronavirus economic relief package includes cash payments to many taxpayers affected by the pandemic. Here’s what you need to know.

For many US taxpayers, the stimulus checks that are part of the $2 trillion economic stimulus package may help lessen the economic blow caused by the coronavirus pandemic. It’s estimated that nine in 10 US households could qualify to receive an economic impact payment. Stimulus checks are expected to go out in three weeks, but not everyone will receive a complete payment and some won’t receive a stimulus check at all.

In addition to payments of up to $1,200 for qualifying individuals, the new economic stimulus law includes help for the unemployed and those with student loans knocked back by the COVID-19 disease, as well financial support for small businesses.

Here’s what we know right about the individual and household coronavirus relief checks that are part of the federal package — including finding out if you’ll be eligible, how much you can expect to receive and how to receive your stimulus payments.

We’ll update this story as developments occur. (Here’s how you should spend the money when you get it, how to avoid getting scammed and how else you can get financial relief.)

How much you get depends on last year’s taxes

The total amount of your stimulus check will be based on your adjusted gross income, or AGI, from your 2019 federal tax filing or — if you’ve not filed this year yet — your 2018 filing.

If you’ve filed your 2019 federal tax return, you can find that figure on line 8b of the 2019 1040 federal tax form. It’s line 7 on the 2018 1040 tax form.

Who is eligible for a stimulus payment?

The amount you’ll receive will depend on your total income in 2019 or 2018. If you qualify, you’ll receive one payment. Here’s who qualifies:

  • If you’re a single US resident and have an adjusted gross income less than $99,000
  • If you file as the head of a household and earn under $146,500
  • If you file jointly without children and earn less than $198,000

Read on for how your payment is calculated and how much you can expect. You can also look at this calculator from the Washington Post.

Source: CNET

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