Individual Stimulus Checks
- $1,200 ($2,400 for eligible individuals filing a joint return) plus $500 for each qualifying child of the taxpayer (under the age of 17); this is based on the 2019 tax return, if not filed the 2018 tax return or if not required to file, the 1099-SSA
- Phase-outs: Single $75,000 - fully phased out at $99,000, HOH $112,500 - fully phased out at $146,500, MFJ $150,000 - fully phased out at $198,000; joint filers with two children are fully phased out at AGI greater than $218,000
- It is NOT counted as income.
- Dependents do NOT get their own rebate; individuals that have non-taxable income like social security will still receive the rebate.
- If you have direct deposit detail on file with IRS, it will be direct deposited otherwise a check will be issued.
- Within 15 days after distributing a payment, IRS must mail a notice to the taxpayer's last known address indicating how the payment was made, the amount, etc.
- If a taxpayer's advance rebate is reduced at receipt, he or she can claim the remainder of the credit when filing the 2020 return. Conversely, if the advance rebate received was greater than the taxpayer should have received, the taxpayer will not have to pay back the excess.
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