Yesterday, the U.S. House of Representatives passed a $2T stimulus bill and President Donald Trump signed it. According to White House, individuals making $75,000 or less should expect to receive a check for $1,200 and married couples making $150,000 or less will receive a check for $2,400. In addition, parents will receive an additional $500 per child.
Many have been asking questions about how this process will work. Here are some answers to a few of the most commonly asked questions on social media.
Is the stimulus check based on 2018 or 2019 tax returns?
Your stimulus check will be based on your most recent tax return. If you have already submitted your 2019 tax return, your check will be based on your 2019 adjusted gross income. For some tax filers, it may be in your best interest to delay filing your tax return if you expect to make more than the stimulus income limits. Likewise, it may be in others interest to file their 2019 tax return as soon as possible. You should discuss this with your tax preparer.
How will I get my stimulus check?
Your stimulus money will be delivered by direct deposit or by check. If you chose to have your tax refund direct deposited in to your bank account, your stimulus money will be direct deposited in to the same bank account. If you did not choose direct deposit or did not have a tax refund last year, your stimulus money will be mailed to you by check.
What if I moved and haven’t updated my address with the IRS and/or filed my 2019 tax return yet?
You will need file IRS form 8822, change of address. At this time, it is unclear how quickly the IRS will process this change. The White House says they want to get your money distributed within the next three weeks so you better act quickly if you need to have your address updated.