Recently the CARES Act went into effect to create an economic stimulus effort that could give you some financial relief. Here’s some information on how much money you might get in a stimulus check, when you will receive it, and what you should do with it.
How much is my stimulus check?
The U.S. Treasury will disburse up to $1,200 per adult and $500 per child under age 17.
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Here’s who qualifies and how much you could see:
Single filers whose 2019 adjusted gross income does not exceed $75,000 are eligible for the full $1,200 stimulus payment. From that point, payments reduce by $5 for every $100 of income, before expiring at $99,000.
Married couples who file jointly and whose 2019 adjusted gross income does not exceed $150,000 are eligible for a full $2,400 stimulus payment. From that point, payments reduce by $5 for every $100 of income, before expiring at $198,000.
Heads of households whose 2019 adjusted gross income does not exceed $112,500 are eligible for the full $1,200 stimulus payment. From that point, payments reduce by $5 for every $100 of income, before expiring at $136,500.
If your income exceeds the maximum above, and you have kids you might still receive $500 for every qualifying child under 17.
Where is my stimulus check?
The IRS is currently in the process of depositing stimulus checks into the bank accounts of millions of US residents who have met the requirements for a payment.
If you’re eligible, but still waiting for your coronavirus check then check out the steps below on how to use the IRS’ online tracker, which is called Get My Payment.
1. Head to the IRS’ Get My Payment page and tap the blue Get My Payment button to check the status of your economic impact payment.
2. On the next page about authorized use, tap OK.
3. Now on the Get My Payment page, enter your social security number (SSN) or individual tax ID (ITIN), your date of birth, your street address and your ZIP or postal code. Tap Continue.
On the next page, the portal will show your payment status. If you have not yet set up direct deposit with the IRS, the service may walk you through those steps to get your check sent straight to your bank account. Didn’t want to set up direct deposit? Then your checks should be mailed out by April 24th.
What to do with my stimulus check?
If you’ve had a significant loss of income then it is best to spend your stimulus money on basic needs such as rent, gas, groceries, and prescriptions. Additional ways to ease your financial burdens is to talk to your lenders or creditors, and follow our steps on what to do during a financial emergency.
Still working but don’t have an emergency fund set aside of at least 3-6 months worth of expenses? Then we suggest putting your money in an emergency savings account. Personal Capital Cash™ is a safe, liquid place to keep your money, and The Personal Capital Dashboard is designed to help you keep track of your expenses. If you already have your emergency fund in place, talk with a Personal Capital financial advisor to see if you’re in the position to put the money towards your 401k or child’s education fund.
Suggested Next Steps for You
- Sign up for Personal Capital’s FREE financial tools, where you can keep track of your cash flow and your expenses. The dashboard will also help you determine how much you should have in an emergency fund, based on your spending levels.
- If you haven’t built up a sufficient emergency fund, now is a good time to do so. Remember to keep your funds in a secure and liquid account like Personal Capital Cash.