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A Comprehensive Guide To Coronavirus Stimulus Package

Updated : September 11th, 2020

The outbreak of Coronavirus pandemic has obstructed the operations of various industries, causing millions of Americans to lose their employment. In response to the rise in unemployment, the Senate and House have passed the Coronavirus stimulus package to help the unemployed make it through the time of crisis. 

What Is a Coronavirus Stimulus Package?

The Coronavirus Stimulus package is a financial rescue measure given by the federal government to stimulate a floundering economy. The package will provide relief to the unemployed through a range of measures, including an advance tax repayment to taxpayers.  

Who Is Eligible For Coronavirus Stimulus Payment?

American citizens are only eligible to receive the stimulus payment, provided they meet certain eligibility criteria. The U.S. government will check the person’s tax filing status and Adjusted Gross Income (AGI) to determine the eligibility and allotment. The U.S. residents who are eligible for payment include:

1. People who have filed a federal income tax return for 2018 or 2019 can expect to get the money.

2. Social Security recipients with income below the threshold level. 

3. People with an AGI below the threshold for their filing status qualify for the payment.

4. Individuals who are receiving unemployment benefits with AGI below the determination threshold limit.

5. People with income less than $12,200 and married couples with wages less than $24,400. 

6. Disabled with income less than the threshold level.

Under no circumstances, nonresidents and dependents are not eligible for the payment. However, individuals who claim extra for dependents can get an additional amount. 

How is Coronavirus Stimulus Payment Calculated?

The Coronavirus Stimulus Payment is calculated based on your adjusted gross income and filing status.

  1. If you are a single filer with an AGI up to $75,000 a year, then you will receive payment up to $1,200.
  2. If you have a spouse and are filing jointly with an AGI up to $150,000 annually, you can receive money up to $2,400.
  3. If you are head of your household and a taxpayer with an AGI up to $112,500 a year, you will receive a stimulus payment of up to $1,200.
  4. If you are a taxpayer with income above the threshold level, then you will receive your payment reduced on a sliding scale. 
  5. If you have children below the age of 17, then you will receive an additional $500 per child. 

How Will You Receive Your Stimulus Payment?

The Stimulus payment will be paid to the claimants through direct deposit. But if the beneficiary doesn’t provide Internal Revenue Service (IRS) with direct deposit or has closed that account, the amount will be paid through a check with “President Donald J. Trump” printed on the memo line.

How To Track The Status Of Your Stimulus Payment?

You can track your Stimulus payment amount through the IRS’s Get My Payment page. When you visit the site and click the Get My Payment button, you will be redirected to a new page that guides you through the authorized use. Click OK on that page to redirect to the Get My Payment page. 

Next, enter the individual tax ID (ITIN) or social security number (SSN), date of birth, address, and postal code and click the continue button. Now the page will show you the payment status. 

The Get My Payment site page will also allow taxpayers to update their mailing information and bank account details. This is only for people who have filed a tax return in 2018 or 2019, but their payment hasn’t been sent yet. People who haven’t filed a tax return in 2018 or 2019 must file a 2019 return to receive a check.

If you were not required to file an income tax return in 2018 or 2019, then you can enter your personal and bank account information in the IRS’s online tool to receive your payment. 

Is The Coronavirus Stimulus Payment Taxable?

No, Coronavirus Stimulus Payment is not subject to Federal or State income taxes. The stimulus payment can be considered as a tax credit for 2020 taxes. If your 2020 tax return is more than the credited amount, then you will receive the difference next year. If your income dips in 2020, then you will be eligible for remaining rebate credit.

If you haven’t applied for the Coronavirus Stimulus Payment yet, do it now. However, make sure you use the official sites announced to file a claim and are aware of the scammers. 

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  1. I lived in ga in 2019 and move to florida in 2020 and work for the xmas months in nov-dec. I was told to do a combine wage claim. my question is which state do i file the claim in?

  2. I filed for pua in Ohio back in October 2020.My claim has been in ajudacatuon since 11/1/20.So 2 to 6 weeks is a total understatement! When I call.i am told to basically hurry up and wait some more.I have recently been redetermined and my claim is allowed.but I have one pending issue.How long is too long?

    1. Nicole,

      Unfortunately, nobody has an answer. There are perhaps thousands of pending applications. Please consider the option of visiting an office in the vicinity if safe and feasible.

  3. If you claim your weeks for unemployment and for the next 2 months you still have not received your money. Where can you go in volusia county to talk with a live person

  4. On NYS DOL website, my claim is saying current yet the information is for my old claim with 0 days remaining despite receiving 2 weeks of payments on the new claim and I was able to certify last night. I haven’t received anything; no letters or emails.

  5. I was disqualified for UI benefits for not providing an ID and other forms of identification. How do I fix this?

    1. Hi Mike, I’m in NYS and was at the end of my BYE on 3/14, I was still certifying but wasn’t getting paid. I found out I had to file a new claim because my other was exhausted. I’m still waiting on approval. Maybe you have to file a new claim. I hope this helps.

  6. They say 2-6 weeks it’s more accurate to say 2-6 months; and when you call many of them are rude and unwilling to assist!

  7. someone needs to look into Sharon L. Anton gillette, wyo. or dickinson, nd she is a fraud and has done so many fraudulent things and please look into her

    1. Annette,

      Please report it to the Fraud Division of the Unemployment Office in your state. You can report on the website.

  8. I worked part time for thee years here in florida. I’m currently not working. I’m also retired and collects social security.
    My question is
    Am I qualified to file for unemployment ?

    1. Ruby,

      To be eligible, you’re required to have sufficient hours and earnings. Please use the “Benefits Calculator” available on this website.

  9. So adjudication takes 8 to 12 weeks. Oh okay, that explains why I havent received payment since July. That surely helps just like the rest of the information that you give. And by the way. What’s the NEW reason you can’t get through to the Call Center.

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