Stimulus checks, part of the $2.2 trillion stimulus bill, began distribution the week beginning April 13, 2020. The checks won’t be going out all at once or to everyone, so how can you get yours more quickly and how much will your check be?
How Much Should My Check Be?
Single tax filers with a gross adjusted income below $75,000 should expect to receive $1,200. Married/filing jointly couples making less than $150,000 should see checks of $2,400. For each qualifying child, expect an additional $500.
If you make more than $99,000 per single filer or $198,000 per married/filing jointly, you will not receive a stimulus check.
If you have never filed taxes before, you are still eligible!
What is a Qualifying Child?
A qualifying child must be related through blood, marriage, or adoption and under the age of 17. You must have claimed them as a dependant on your tax return in 2019 or 2018. They must live with you for at least half the year and be a US citizen or national or resident alien. In addition, the dependent can not provide more than half their financial support during the year.
When are Stimulus Checks Sent Out?
The first stimulus checks will go to people who have their financial information (checking account number) on file with the IRS. If you haven’t filed taxes before or you haven’t used direct deposit, you can sign up through this link. If you are waiting for a paper check, they may not get sent out until early May. It may take as many as 20 weeks to get all checks mailed.
If you are at risk for garnishment because of debt owed, you may want to get a paper check and cash it. It can stop bill collectors from snatching your check. You may also want to set up a bank account at a smaller bank or credit union for your automatic deposit.
How to Track My Stimulus Check?
Go to the IRS website page “Get My Payment” or follow this link to their website. You will be able to see which payment group you are in and have a chance to enter your bank account information for faster processing.
What Should I Do With My Stimulus Check?
In our last blog post article, “How to Get Credit Card Debt Relief from the Coronavirus Pandemic,” we discussed not using your stimulus check to pay your bills. Instead, try to use the check for necessities so you don’t run up your credit cards. If you’d like to read a bit more about the benefits of paying off debt versus saving, check out this article.
If you are in the unique situation of not needing your stimulus check, check out this article on what to do with a windfall. You may be able to jump-start an emergency savings account!
What If This Stimulus Check Doesn’t Make Any Difference?
If you are in so far over your head that the stimulus check makes no difference to your finances, you may need more help. There are credit counseling agencies and debt consolidation and debt settlement services available to help you get out of debt. The award-winning debt specialists at Pacific Debt, Inc can help you learn more about each service and help you to pick the best fit for your needs.
While Pacific Debt, Inc is a debt settlement company, we can refer you to one of our trusted partners if debt settlement is not your best option. For more information about debt settlement and debt consolidation, check out this article or call one of our debt specialists today.
Pacific Debt, Inc
Pacific Debt Inc is one of the leading debt settlement companies in the US and we have consistently been named one of the best for years. This year, we earned two #1 rankings for our customer service.
If you’d like more information on debt settlement or have more than $10,000 in credit card debt that you can’t repay, contact Pacific Debt, Inc. We may be able to help you become debt-free in 2 to 4 years and we’ve settled over $300 million in debt for our customers since 2002.
Once you’ve completed our debt settlement program, your financial situation should start to improve. You’ll then be able to take the money you once had to pay towards your debt, and be able to use it for other purposes like saving, investing, retirement, etc.
Pacific Debt, Inc is accredited with the American Fair Credit Council and is an A+ member of the Better Business Bureau. We rate very highly in Top Consumer Reviews, Top Ten Reviews, Consumers Advocate, Consumer Affairs, Trust Pilot, and US News and World Report.
Pacific Debt is currently providing debt relief coverage in the following states:
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* Other states can be connected to one of our trusted partners