To assist those affected, this spring the federal government has approved a $2 trillion stimulus package to support Americans during this time. In December, it was confirmed that around round of COVID-19 stimulus payments would be arriving.
The package includes payment for tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment.
People who typically do not file a tax return, may still be eligible to receive these payments, however, you will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
If you are an individual or family that will be receiving this check, planning how you and your family will use this money will benefit you in the long run and assist with your financial stability. While these are not all the instances possible for spending these payments, we’ve compiled a list of ways to use your stimulus checks, if you will be receiving one.