What Parents Need to Know About The Stimulus Check From The IRS
Chances are, by now you’ve heard of the Stimulus Check or the Economic Impact Payment that the government is offering to Americans. For many, this is a small relief fund to help aid families with expenses during this troubling time.
With that being said, there may be additional benefits for those with kids… Here’s What Parents Need to Know About The Stimulus Check From The IRS.
Who is Eligible For The Stimulus Check?
According to the IRS website, U.S. residents will receive the Economic Impact Payment if they are not a dependent of another taxpayer and have a work eligible Social Security number. There are income restrictions (which I’ll mention below).
Do Kids Get A Stimulus Check?
Since kids are claimed as dependents, they DO NOT get their own stimulus check. However, parents WILL receive money as part of their deposit for each qualifying dependent.
A qualifying dependent is classified as a child that is under the age of 17. Once a child has turned 17 in a given tax year, they are not longer able to receive the stimulus payment.
Unfortunately, many parents believed they’d receive money for their child even if they claimed them as a dependent and they were 17 years or older.
How Much Will The Economic Impact Payment Be?
The IRS Website states that each individual that meets the criteria mentioned above will receive $1,200 for individual or head of household filers, and $2,400 for married filing jointly with adjusted gross income up to:
- $75,000 for individuals
- $112,500 for head of household filers and
- $150,000 for married couples filing joint returns
Parents will also receive $500 for each additional qualifying child/dependent.
How Will Payments Be Made?
Those that qualify will receive automatic direct deposit payments to the same bank account used in 2018 or 2019 for the tax refund. If you have changed banks since then, you’ll need to update your information with the IRS here. If you do not update, a paper check will be sent to the address provided on your tax return.
Now, keep in mind, the payments will be made in one lump sum for everyone. For example, if you qualify and have a family of 5 like I do, you will receive $3,900. That is $1,200 for you, $1,200 for your spouse and $500 per child (if you have 3 children). The payment is paid in one payment.
So, if you have filed your 2018 or 2019 taxes and your banking information has not changed, hang tight. Your direct deposit should come by April 15, 2020 when the IRS says most Americans will have received their payment.