Update: The bill has now passed both the House of Representatives & The Senate and is on the way to the President's desk for signing.
Who is eligible for stimulus checks?
US tax residents with social security numbers, residing anywhere in the world, will receive checks depending on their income, which we outline below. Those with ITIN will not be eligible.
Is this a tax credit or a gift from the government?
This stimulus check is essentially a 0% interest advance from the government for your 2020 tax return. This is NOT the same thing as the 2008 stimulus checks that were sent to battle the recession.
Do college students get anything?
Not if anyone claims them as a dependent on a tax return. Usually, students under age 24 are dependents in the eyes of the taxing authorities if a parent pays for at least half of their expenses.
Who will not receive stimulus checks?
Anyone without a social security number
Non-Resident Aliens
Households do not receive money for adult dependents, such as elderly relatives or adult children with disabilities.
How do I sign up?
You don't. There's no sign up. The payments will be automatic for those who qualify.
Will the stimulus money be taxed?
No. The stimulus money is not considered income. These are considered a credit towards your 2020 taxes. When a taxpayer’s 2020 taxes are filed on April 15, 2021, these advance payments might be adjusted upward or downward as with any other non-refundable credit.
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