Stimulus Check Calculator and More
The first question you may ask about the recently enacted two trillion dollar stimulus relief law is how much your check from the IRS will be. The widely reported $1200.00 per person figure is the basic amount for those whose 2019 income was less than $75,000.00, but it is not what everyone will receive. Courtesy of Forbes magazine, the link below provides a calculator to show you how much you should expect, based on just four simple questions.
Simple as the calculator is to work with though, you can be sure that the largest economic rescue package in modern American history is not without some complexity. This post, and those that follow in the days to come, will discuss the components of the new law, what it all means to you, and how it may affect your family situation, and possibly your family law case. For those who have questions, whether generally about the stimulus relief package, or more specifically about a family situation or a family law case, we welcome you to Virtual LaMonacaLaw, which is fully operational. We are here to answer your questions and to help you in any way that we can during this challenging time.
After figuring how much your check will be, your next questions may be when and how you will get your check. There questions too have simple answers, but which of those answers applies to your situation may change depending on a couple options you may still be able to exercise. The simple answer to “when” is that the first checks will be distributed in the next few weeks by the IRS. The simple answer to how is by direct deposit to the bank account IRS has on record for you (from direct deposit of your tax refund checks in 2018 or 2019). If you have not received a tax refund in the last two years though, and if the IRS has no bank account on record for you, your stimulus check will be sent by mail and that may take two months or more.
If you have not yet filed your 2019 tax return, when to do that is one option you may choose to exercise strategically. The IRS will use the data from your 2018 return if you have not yet filed for 2019, so if your 2018 data is more favorable to the calculation of your stimulus check amount, you may want to wait until you get your stimulus check before filing for 2019. Alternatively, if your 2019 data will be more favorable to the calculation of your stimulus check amount, you may want to file your 2019 return quickly. Among other issues you should consider here are any differences between 2018 and 2019 in your adjusted gross income, your marital and tax filing status, and in how many dependent children you have. As currently structured, it appears the law will allow this sort of choice.
What the law will not allow though, is distribution of checks to those who are past due in making child support payments. For those who are in that situation, and for those to whom back child support is owed, who will eventually be getting the delinquent’s rebate money, these stimulus checks represent an otherwise unexpected lump-sum payment on the child support account. Whether it is that circumstance, or any one of the many other family law-related situations affected by the stimulus relief package (such as a jointly issued rebate check to parties who have separated since filing their tax return), we invite you to contact us, and we look forward to helping you work through these questions and concerns.