CNBC’s Sharon Epperson explains who qualifies for the coronavirus stimulus check and how it all works.
The $2 trillion coronavirus stimulus bill, signed into law on March 27, is the largest emergency aid package in U.S. history. Known as the CARES Act, it will send money directly to tens of millions of Americans affected by the coronavirus. Of the hundreds of questions we received about this new legislation, the biggest concern is just who is eligible for this relief payment. I spoke with several financial and tax experts to get answers to your questions.
If you haven’t filed taxes yet for 2018, will you still receive a check because of the coronavirus?
You should file a tax return as soon as possible. The IRS will use information on your 2018 or 2019 tax return to determine whether you are entitled to an “economic income payment” and the amount you should receive. If you didn’t file a tax return for 2019, the agency will use your 2018 return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.
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