Coronavirus Pandemic Stimulus Package
Larry Kudlow, Director of the U.S. Economic Council said in an interview that the Stimulus checks will be deposited in the accounts of millions of Americans by this week or the next week. We all know that the Government of US declared a 2 trillion dollar stimulus package to the millions of Americans as a financial aid during this pandemic time.
It is expected that the stimulus checks distribution may go like this:
- April 3rd week – 13th April 2020 – 60 Million checks will be wired directly to the beneficiary accounts.
- May 2nd Week – 4th May 2020 – the IRS will send the paper checks to the beneficiaries.
- It is expected that, later the 2nd week of May 2020, approximately 5 Million checks will be issued every week.
How to get Stimulus check quicker?
Here are some best ways to get the stimulus check faster they are:
- By providing the deposit information on your 2019 income tax return
- By providing the deposit information on your 2018 income tax return
- The ones who haven’t filed the ITR 2019 they can use the 2018 ITR but the ones who haven’t filed the ITR 2018 too then in such case you can still file them to avail the stimulus check.
Check Whether you are Eligible for Stimulus Check or Not
Income Thresholds for getting Stimulus Checks:
An individual who earns $ 75, 000 or less than $ 75, 000 per year or annum, an head of the house hold who makes $112500 and lees than $112500, a married couple whose income is $150000 or less can get the stimulus checks.
- Single/ Individual ITR filer – $75,000
- Head of the Family – $1,12,500
- Married/ Joint ITR Filer – $ 1,50,000
How much money can I get through Stimulus Check?
- An individual who earns $ 75, 000 or less than $ 75, 000 per year or annum that individual can get $ 1200.
- For example, you earn less than $ 75,000 per year and your spouse makes $ 75,000 or less then you can get $ 2400 as stimulus package.
- If you have two kids then $500 per each kid i.e. you and your spouse makes less than $ 150000 per year and you have two kids in that case you can get $3400 stimulus package.
What is the Stimulus Check Payment Details?
- Adults – $1200 per person
- Child with 16 years of age and under – $500
- Married couple – $2400