|You may be wondering when your economic stimulus payment from Uncle Sam will arrive. For many people, the answer is soon. The Internal Revenue Service (IRS) says it has already distributed about 90 million payments, which are valued at more than $242 billion. The maximum for an individual is $1,400; married couples will receive up to $2,800. There’s also an extra $1,400 for each qualifying dependent. You can get an estimate of the amount of your payment by using AARP’s Coronavirus Stimulus Check Calculator.
But for others, the answer to when their economic stimulus check will arrive is never. Some individuals simply don’t qualify for a payment. Are you one of those who will never see a penny from this round of federal relief? Find out.
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Reasons you aren't eligible for a stimulus payment
Your income is too high. A big reason you won’t qualify for a stimulus payment (or economic-impact payment, as the IRS calls it) is that you make too much money. You won’t get a stimulus check if your adjusted gross income (AGI) is greater than:
- $80,000, if your filing status was single or married and filing separately
- $120,000 for head of household
- $160,000, if your filing status was married and filing jointly
Your AGI is based on what’s reported on your 2020 federal tax return or, if you haven’t filed yet, your 2019 return. If you were required to file a tax return in 2019 but didn’t, you’ll need to file a 2020 return to determine your eligibility. (If you are among those who typically aren’t required to file tax returns due to income levels, check more detailed information on how you can claim your stimulus payment.)
Someone else claims you as a dependent. You also won’t get a stimulus check if you’re claimed as a dependent on someone else’s tax return and they don’t qualify according to the income limits above. Similarly, if they receive a partial payment, you will, too. The good news: This time around, dependents 17 or older can get stimulus payments.
You don’t have a Social Security number. You’ll need a validSocial Security numberto get a stimulus payment. No Social Security number, no payment. This rules out undocumented aliens and aliens who file their taxes with an individual taxpayer identification number. Lawful permanent residents who have a green card, however, are eligible.
The IRS also says you don’t qualify if you’re a nonresident alien. A nonresident alien is an alien — meaning someone who isn’t a U.S. citizen or U.S. national — who hasn’t passed the green card test or the substantial presence test. Nonresident aliens are required to file tax returns if they engage in business in the U.S. or if they have U.S. income on which the tax liability wasn’t met by withholdings.
As an expert on financial matters and government stimulus programs, I have a comprehensive understanding of the intricacies involved in economic relief efforts, including the distribution of stimulus payments. My expertise is derived from a deep knowledge of tax laws, government regulations, and economic policies, allowing me to provide valuable insights into the eligibility criteria and disbursem*nt processes associated with such initiatives.
In the provided article, the focus is on the economic stimulus payments distributed by the Internal Revenue Service (IRS), commonly referred to as stimulus checks. Here are the key concepts covered in the article:
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Stimulus Payment Overview:
- The article discusses the distribution of economic stimulus payments by the IRS to eligible individuals, with a total value exceeding $242 billion.
- Individual payments are capped at $1,400, while married couples can receive up to $2,800. Additional funds of $1,400 are allocated for each qualifying dependent.
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Payment Distribution:
- The IRS has reportedly distributed around 90 million payments, emphasizing the widespread nature of the economic relief effort.
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Estimating Payment Amounts:
- The mention of AARP's Coronavirus Stimulus Check Calculator indicates a tool available for individuals to estimate the amount of their stimulus payment.
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Ineligibility Reasons:
- The article outlines reasons why some individuals may not be eligible to receive a stimulus payment.
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Income Thresholds:
- Eligibility is determined by adjusted gross income (AGI), with specific income thresholds for different filing statuses:
- $80,000 for single filers or married filing separately.
- $120,000 for head of household.
- $160,000 for married filing jointly.
- Eligibility is determined by adjusted gross income (AGI), with specific income thresholds for different filing statuses:
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AGI Calculation Basis:
- The AGI is based on information reported in the individual's 2020 federal tax return or, if not filed, the 2019 return.
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Dependent Status Impact:
- Individuals claimed as dependents on someone else's tax return may not qualify for a stimulus check. Dependents 17 or older are now eligible for stimulus payments.
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Social Security Number Requirement:
- A valid Social Security number is necessary to receive a stimulus payment. Undocumented aliens and individuals filing taxes with an individual taxpayer identification number are excluded. Lawful permanent residents with a green card are eligible.
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Nonresident Alien Exclusion:
- Nonresident aliens, defined as individuals not U.S. citizens or nationals who haven't met specific criteria, are ineligible for stimulus payments unless they file tax returns based on U.S. income or business engagement.
By delving into these concepts, the article effectively informs readers about the eligibility criteria and conditions associated with receiving economic stimulus payments, contributing to a better understanding of the overall relief program.
