Money
Learn about the recent CARES Act and everything you need to know about COVID-19 emergency stimulus payments!
Please note that the information in this article is from online resources and is not expert advice. If you have further questions, you should reach out to an accountant.
Recently, the US government signed into law the CARES Act, a one-time economic relief during the hardships of COVID-19. The CARES Act authorizes stimulus checks of up to $1,200 (not subject to tax!) to regular taxpayers. Here's what you can expect and need to know about your stimulus check.
Who is eligible to receive a stimulus check?
Taxpaying U.S. citizens and permanent residents can expect to receive a stimulus check.
International students and scholarsâ: OISS has published some helpful guidelines for determining eligibility and for the erroneous receipt of the stimulus payment, but please keep in mind that the office is not âqualified to âprovide tax advice. If students have further questions, ââthey should contact an accountant of their choice.
How much can I expect to receive?
Most graduate students make less than $75,000 in adjusted gross income (AGI) and will receive the full $1,200 stimulus payment as single taxpayers. Couples filing jointly making below $150,000 AGI will each receive $1,200 for a total of $2,400.
Parents will receive $500 for each child of 16 years or younger claimed as a dependent. Parents will not receive a payment for children born, adopted or placed into foster care in 2020 because the payment is based only on information from your 2019 or 2018 tax return. The IRS said you may claim the child next year for an additional credit on your 2020 tax return.
Taxpayers who make $99,000 or more in AGI will not receive a stimulus payment. If your AGI falls between $75,000 and $99,000, you can calculate how much you should receive here.
How will I get my stimulus check?
The IRS relies on your 2018 or 2019 tax returns to determine the amount of your stimulus payment and where to send it. If you paid or received a refund in 2018 or 2019 via direct deposit, your stimulus payment should be deposited directly into that bank account. If you did not use direct deposit, you should receive a check at your last known address.
If you were not required to file a tax return in 2018 and 2019 due to being under the normal income level, you can use the Non-Filers portal to get their payment.
When will I receive my stimulus check?
Many have already received their stimulus checks, but the IRS is disbursing them in waves. If you haven't received your stimulus payment yet but are eligible to, you can track your payment using the IRS's "Get My Payment" tool.