As a result of the Coronavirus pandemic that the citizens of this country is grappling with which has pushed millions of Americans to the unemployment line due to lost jobs, the government has announced a $2 trillion stimulus plan that will pay each American a Coronavirus Stimulus check, but it comes with some preconditions.
H&R Block Stimulus Check 2020
H&R Block has released a webpage on their site that goes into detail about the 2020 stimulus payment which can be found:
Before you visit that website we will break down for you our understanding of the stimulus package that is a part of the CARES Act.
Before anyone gets started thinking about filing for a stimulus check there are a few prerequisites you should consider which are basic qualifiers for you receiving a check:
- Must have a social security number
- Must have already filed taxes in 2018 or 2019
- Don’t earn enough to file but receive social security payments
- Are not claimed by someone else as a dependent
What determines how much my stimulus will be?
- When determining how much you will receive from the stimulus package the IRS will use 2019 taxes if you’ve already filed them otherwise 2018 tax returns.
- Individuals that made up to $75,000 or $150,000 as a married couple you are eligible to receive $1,200 or $2,400 in a stimulus check.
- Incomes higher than the above threshold will have to follow these guidelines: For every $100 that you income is over those maximum income amounts the IRS will deduct $5 from your stimulus check.
- If you have children you can get up to $500 per child
Who is not eligible?
If you are a single filer and have an income higher than $99k or a joint couple with an income higher than $198k with no children you’re not eligible.
How do I get my stimulus check?
IRS will be sending out stimulus checks via direct deposit if you’re already setup in the IRS system with direct deposit due to previous tax preparation or receiving prior tax refunds via direct deposit.
Having an account with a US bank is necessary to receive your direct deposit funds. For individuals that don’t have their direct deposit information in the IRS system, the Treasury department is developing a web based portal for individuals to sign up through – h&rblockcoronavirus.com.
You will be able to enroll in direct deposit from there to speed up the payment process otherwise paper checks could take longer for you to receive.
When will stimulus checks be sent out?
H&R Block Stimulus Check Calculator
Provides an estimate of how much money you may expect from your 2020 stimulus payment. Here is what it requires to provide an estimate:
- Answer Yes/No if you’ve filed 2019 taxes
- Enter your filing status for 2018 or 29019
- Enter your combined adjusted gross income for 2018
- Enter the number of children under age 17 you claimed as dependents in 2018
- Click the green Calculate button