BAY COUNTY, Fla. (WMBB) — Americans across the country are starting to reap the benefits of the $2.2 trillion economic stimulus package. People are beginning to see economic impact payments, or “stimulus checks” in their bank accounts.
“I believe the IRS said that they were going to send out the first wave of checks for people that have filed for 2018 and 2019 and have received a refund via direct deposit,” said Warren Averett LLC. Partner Mindy Rankin.
But, how do you know if you are eligible for this money?
“As long as you can locate on your tax return the adjusted gross income and then of course your filing status then you should be able to determine on the IRS website if you are going to get a check or not,” Rankin said.
If you file single and you make less than $75,000 a year, you’ll get the full $1,200. If you are married filing joint and if your adjusted gross income is less than $150,000, then you will also receive the $1,200 per person.
Payments start phasing out for individuals with adjusted gross incomes of more than $75,000 and married couples who earn more than $150,000. If you have a child under the age of 17 that you are claiming as a dependent on your returns, you will get 500 per child.
But there are some people who are not eligible, like college students and some disabled elderly.
“If you are claimed as a dependent on someone else’s tax returns, you will most likely not receive a stimulus check,” Rankin said.
Rankin recommends using the IRS’s new website tool to look at your eligibility, that requires your social security number and current address.
She says to use these checks wisely.
“It is just important that you look at your finances and use it on rent and use it on utilities and stuff like that, that is a necessity,” Rankin said.