The Government of America declared a 2 trillion dollar stimulus package to the fellow Americans as a financial aid during these abnormal times. The Stimulus package include payments to individuals, unemployment coverage etc. The Government planned to transfer a $1200 amount directly to the wallets of the Americans and can expect an $ 3400 stimulus package for a family of four members like husband, wife and two kids.Sponsored Links
How much money can an Individual get from Stimulus Package?
It is expected that, an individual can get a stimulus package of $1200 straight to his/her wallets but it implies some terms and conditions.
- An individual who earns $ 75, 000 or less than $ 75, 000 per year or annum that individual can get $ 1200.
- For example, you earn less than $ 75,000 per year and your spouse makes $ 75,000 or less then you can get $ 2400 as stimulus package.
- If you have two kids then $500 per each kid i.e. you and your spouse makes less than $ 150000 per year and you have two kids in that case you can get $3400 stimulus package.
How the IRS or US Government decides the eligibility for Stimulus Package?
It is completely based on the IT returns you have filed earlier, they will consider the income you have earned and filed in the ITR, the family details and the dependants on you. Depending on the data and the income you filed in the tax returns the US Government decides whether you are eligible for the stimulus package or not.
When can one get the stimulus package?
As early as possible, mostly within 3 weeks from now and the amount will be directly transferred to the bank accounts of the eligible individuals.
How can one get the Stimulus money?
Once the eligibility is confirmed, the amount will be directly transferred to the bank accounts at the earliest.Sponsored Links
How can one get the Stimulus Package if he/she don’t have the Bank account?
The Government is planning to serve the stimulus package through the pre-loaded debit cards for the ones who don’t have the bank accounts.
What is the Payment under Stimulus Package?
- Adults – $1200
- Child with 16 years of age and under – $500
How Many Payments Would be there under Stimulus Package?
Only one, and $1200 for adults and $500 for children.
College Students are eligible for Stimulus Payments?
Yes, anyone claims that they are dependants of them in the income tax returns. No, if anyone don’t claim that you are dependant of them.
Which year’s IT returns will be considered for Stimulus Payment?
Mostly 2019, don’t worry if you haven’t filed the 2019 IT returns then they will consider the 2018’s IT returns.
Should anyone apply for the Stimulus Payment?
No, because the Government has already the eligible beneficiaries details and the account numbers. So you don’t need to apply for the stimulus package. If you are eligible for the stimulus package, the Government will transfer the amount directly to your bank account.
Could unemployed get the Stimulus Package?
Yes, the unemployed will get the stimulus package.
Could Veterans get the Stimulus Package?
Yes, the veterans can get the stimulus package.Sponsored Links