Calculate How Much Stimulus

Money You May Receive 

Editor: Tina Milam

May, 30 2020

 

The differences between the first  stimulus package, "CARES Act", and the $3 trillion Heroes Act that was recently passed in the House is that the "Heroes Act" will make more people eligible and increase payments for dependents.

Over 4 million more adults Americans will be eligible to receive a payment under the  HEROES legislation,. Under the HEROES Act, undocumented immigrants who do not have a Social Security Number but do file taxes using an Individual Taxpayer Identification Number (ITIN) are also  eligible for a payment. Plus the bill as currently written would make those people immediately eligible to also receive the very first stimulus payment under the CARES Act Tax filers could receive over $9.4 billion economic relief.

 

 

What does this all mean for you?

The second round of stimulus money for 2020 "Heroes Act" As it was written as of now could send upto $6,000 into the hands of some families. The bill was approved 2 weeks ago by Democratic-led House. Hopefully we will have a solid YES on June 1st when the Senate finally take their vote! 

If this bill is passed those who initially received direct deposit for "The Cares Act" will receive payment the same way with the "Heroes Act". Those who received The Cares Act payment via check will receive  a prepaid debit card for the "Heroes Act" stimulus round of payments,

 

 

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Frequently asked questions

How do I update my direct deposit information with the IRS?


The IRS is working diligently to get a website up that will allow you to update your direct deposit information. Currently, the only way to get new bank account info to the IRS is to file your 2019 taxes if you haven't already, and provide your bank account details if you're receiving a refund. We will update this page if/when the IRS makes
any changes.




What if I filed taxes this year but I owed money?


If you had a balance due this year, the IRS will mail a paper stimulus check to the address on your 2019 return, unless you were sent a refund by direct deposit in 2018, in which case your stimulus payment will be sent to
that account.

This will not affect the amount you owe for your 2019 taxes, which is due by July 15, 2020.




What do I need to do to get my stimulus check?


The IRS will calculate and automatically send the economic impact payment to those eligible, with no action required for most people. For people who have already filed their 2019 tax returns, the IRS will use this information to calculate and distribute the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate and distribute the payment.

The IRS urges anyone who has not filed a tax return for 2018 or 2019 but is required to do so to file as soon as they can and to elect to receive their refund via direct deposit, in order to receive an economic impact payment as quickly as possible. Those who will not receive a refund are still encouraged to file their 2019 tax return to provide the most up-to-date information to the IRS, but this is not necessary if you filed a 2018 return.

If you qualify for a stimulus payment and are not required to file a tax return, and do not receive Social Security income, you can e-file your IRS registration for free at IRS.gov




What if someone else claimed me or my child as a dependent?


who'm ever claimed you or your child on their 2019 tax return will receive the stimulus check.




Am I eligiable to receive a stimulus check?


Tax filers with an adjusted gross income (AGI) up to $75,000 for individuals, $112,500 for heads of household and up to $150,000 for married couples filing joint returns will receive $1,200 per individual, plus $500 per qualifying child. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. A Social Security number is required to receive a stimulus check. If you’ve been claimed as a dependent on someone else’s 2019 tax return, you aren’t eligible to receive a stimulus payment.





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2020 Government Backed Home Purchase Program Giving $17,500 For Down Payments

What is Down Payment Assistance?

 

Simply put, Down Payment Assistance (also called DPA) is funding for home buyers through local State and Government Programs. This program helps people with financial assistance that drastically reduces the amount you need to save for a down payment on your new home. 

 

For example, if you want to buy a 200,000 home and need 3 percent to qualify ($6,000), it would take you over two years to come up with that by saving roughly $200 month. A Down Payment Assistance Program could cut that amount of time down to weeks!

 

                                                                       

                                                                       See If You Qualify

How Much Can I Get?

 

This can be a tough question to answer without knowing where you plan on buying a home and the loan amount. DPA programs can be a zip code lottery. For example, in Hawaii the max amount of assistance is $80,000 but in certain areas in Alabama the max is only $3,250. The average amount across the entire U.S is $17,500. But even if you don't qualify for the max amount, any extra funding would help you get into a new home sooner

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