Whether you’re assessing your finances after the impacts of COVID-19 or filing your tax return, understanding what to expect regarding the stimulus check can help you better prepare. While the stimulus check has no bearing on your current tax return, you could be affected if you haven’t filed in recent years. To determine whether you’ll receive a stimulus check or the amount you can expect, consider how this relief fund works and what you can do to expedite your return.

What Should You Know About the Stimulus Checks?

The stimulus check, or economic impact payment, is issued by the government to provide financial assistance relief to individuals due to the hardships caused by the coronavirus. How much you receive will depend on how you file for your tax return and your gross income.

For individuals filing single or married but separated, you will receive the full amount of $1,200 if your adjusted gross income (AGI) is below $75,000. If your AGI is above $75,000, your stimulus check will be reduced by $5 for every $100 you are over, up to $99,000. For individuals filing head of household, you will receive the full amount if you earn below $112,500, with a cap of $136,500. For married individuals, you will receive $2,400 if your combined income is less than $150,000, with a cap of $198,000. Additionally, you will receive $500 for each dependent under the age of 17.

How Do You Receive Your Check?

If you have already filed your 2017, 2018, or 2019 taxes, your check can be mailed to you or direct deposited into your bank account if you opted for this method for your tax return.

If you haven’t filed taxes in prior years, talk to an accountant about how you can apply for this relief payment. The IRS website provides information on how to check the status of your return or file a dispute, but because of high traffic numbers, you can experience some downtime, making a professional the best person to turn to for assistance.

If you have questions about the stimulus check or need other financial insight involving your taxes, consult the team at The Callen Accounting Group, PLLC, in Mountain Home, AR. For more than 45 years, this full-service accounting firm has helped clients in the Twin Lakes Area to better understand credits and reductions and get the most out of their tax returns. To learn more about their services, visit them online or call (870) 425-6066.