09 Apr Few Veterans Might Need to Take This Extra Step to Get Their Stimulus Check
Congress recently announced a $1,200 stimulus check for eligible taxpayers whose income meets the eligibility threshold passed under the new Coronavirus Aid, Relief and Economic Security (CARES) Act. Adjusted Gross Income as per your 2019 tax return or your 2018 tax return will determine your income eligibility limit.
However, if you are someone whose income level is not sufficient to file a tax return or if your income is non-taxable, such as VA Disability Compensation, how will you qualify to get the stimulus check?
The great news is that you will still be eligible for the stimulus check. But it may not be sent automatically. Even if your income is low, you may need to file a return to receive the stimulus check.
2020 Economic Stimulus Check Eligibility
The stimulus check will assist individuals with low-income levels. Single taxpayers with AGI of $75,000 or lower are eligible for the entire $1,200 check. The check amount will lessen depending on your income. Individual taxpayers with an AGI above $99,000 cannot claim the benefit of a stimulus check.
Similarly, married taxpayers who file jointly are each eligible to get a stimulus check, up to a total of $2,400. The qualifying income limit for married couples is twice than single individuals. Married couples with an annual gross income of $150,000 or less will receive the full $2,400. The amount phases out until the upper limit of $198,000. Any married couples earning more than $198,000 will not qualify for a stimulus check.
There is an additional $500 for each child under the age of 17 who is claimed as a dependent.
How and When You Will Receive Your Stimulus Check
Ideally, no action is required from your end. The IRS is processing stimulus checks automatically. IRS plans to issue checks in the same manner as taxpayers are selected to get their tax refunds when they filed their taxes.
What if You Didn’t File a Tax Return?
If your income falls under a specific limit, you don’t need to file a tax return. You also don’t file a return if your income is non-taxable as in the case of Social Security Disability (SSDI), VA disability compensation, Supplemental Security Income (SSI), dependency and indemnity compensation (DIC), or similar benefits.
If your only source of income is through Social Security benefits or Social Security benefits and VA disability compensation, you are covered. The IRS did mention that it will automatically send stimulus checks to those who receive Social Security benefits.
However, if you do not file tax returns because of low income and you don’t get Social Security benefits, must file a tax return to get your stimulus check.
Many lower-income individuals who receive VA disability compensation fall in this category.
If this describes you, you must file a tax return this year to obtain your stimulus check, even if your income level doesn’t need you to file one. This way IRS will be able to check whether you qualify for a stimulus check or not. If you don’t file a tax return, you might not receive a check.