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The maximum individual stimulus check is $1,200.
- Coronavirus stimulus check payments are worth up to $1,200 for individuals and $2,400 for married couples, plus an additional $500 per child age 16 or younger.
- People with an adjusted gross income below $99,000 as a single filer, $136,500 as head of household, or $198,000 as a joint filer will be getting stimulus checks, though they'll be reduced for some.
- Social Security beneficiaries, railroad service retirees, and people who are not obligated to file a tax return will receive the maximum payment of $1,200.
- Read more personal finance coverage.
The IRS started rolling out stimulus payments this week to Americans who filed tax returns for 2019 or 2018.
The payments are worth up to $1,200 per person or $2,400 per married couple, with an additional $500 going to parents for each child they claim as a dependent who is age 16 or younger. The money is not taxed and doesn't need to be paid back to the government.
Kids themselves - and anyone else claimed as a dependent on someone else's tax return, including some retirees and college students - are not eligible for payments.
If you're not a dependent, the only prerequisites for receiving a stimulus check are having a Social Security number and falling under certain income levels.
For most people, stimulus payments are calculated using AGI
Exactly how much you get depends on the adjusted gross income (AGI) listed on whichever return you filed last.
It's important to understand that AGI is different than gross income. Gross income is the amount of money you receive in any given year, including wages, tips, capital gains, business income, and retirement distributions.
Once you know your gross income, you can find your AGI by subtracting above-the-line deductions, otherwise known as "adjustments to income." You can easily find this figure by checking your latest tax return.
If you didn't submit a tax return because you don't earn enough money or you receive benefits from the Social Security Administration or Railroad Service Board, then you'll get the maximum payment of $1,200, regardless of your income.
Andy Kiersz/Business Insider
The maximum individual stimulus check is $1,200
In order to get the maximum payment of $1,200 (not including the extra $500 per child if you qualify), the AGI on your 2018 or 2019 tax return - again, whichever you filed most recently - has to be under the following amounts:
- $75,000 if you're a single filer
- $112,500 if you're a head of household filer
- $150,000 if you're a joint filer
If you file taxes jointly with your spouse, the $1,200 payment is doubled to $2,400.
Stimulus checks are reduced by $5 for each $100 over the income limit
You can still get a payment if your AGI is over the limits above for your filing status, as long as it is under the following amounts:
- $99,000 if you're a single filer
- $136,500 if you're a head of household filer
- $198,000 if you're a joint filer
If your AGI exceeds these amounts, you won't be getting a payment at this time.
If your AGI falls somewhere between the amounts listed in the sections above, your stimulus check will be reduced by $5 for each $100 your AGI is over the limit for a maximum payment. For example, for a single filer whose AGI is $80,000 - that's $5,000 over the limit - the stimulus payment will be $950.
You can use an online calculator to figure out exactly how much your check will be if you're unsure.
- Read more on managing your money in this tumultuous time:
- 3 options for people struggling to pay their mortgage during the global health crisis
- 4 reasons to get disability insurance, even if you don't think you need it
- If you've been financially impacted by the coronavirus, you may be able to pause payments on these 8 bills
- How to get a stimulus check from the US government, which could pay up to $1,200 if you qualify
- In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more
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