April 01, 2020

How to Receive Coronavirus Stimulus Check

Justin Woodward, Tax Attorney

Justin Woodward
Crypto Tax Attorney

Congress recently passed the Coronavirus Aid, Relief and Economic Security Act (CARES) that designates $2 trillion stimulus funding to provide financial relief to individuals, families and businesses. The 2020 coronavirus stimulus package will deliver relief through a range of measures, including an advanced tax rebate to taxpayers.

Who Will Receive a Stimulus Check?

Stimulus checks will be based on information from your most recent tax filings, either 2019 or 2018 if you have not yet filed this season. You will receive up to $1,200 per individual, $2,400 for joint taxpayers and an additional $500 for each qualifying child.

According to the Tax Policy Center, approximately 90% of Americans will be eligible to receive full or partial payments through the CARES Act. If you have an adjusted gross income (AGI) of up to $75,000 ($150,000 married filing jointly), you should be eligible for the full amount of the recovery rebate. The stimulus check rebate phases out at $99,000 for single taxpayers and $198,000 for joint filers with no kids.

How Do I Receive My Stimulus Check?

The fastest way to receive your stimulus check is to make sure you’ve filed a tax return for the 2019 tax year with updated bank information so the government can deposit your stimulus check directly. If you have already filed your 2019 tax return and the IRS has your direct deposit information on file, then you will automatically receive the stimulus check. Treasury Secretary Steven Mnuchin said payments will go out "within three weeks" for people who have their direct deposit information on file with the IRS.

If you filed a tax return but the IRS does not have your direct deposit information on file then Secretary Mnuchin stated that “a web-based system for people where [if] we don't have their direct deposit [information], they can upload it so that they can get the money immediately as opposed to checks in the mail."

How Does My Cryptocurrency Activity Factor Into My Stimulus Check?

Keep in mind that when you file your 2019 tax return you will be required to attest to whether you traded cryptocurrency during the year. If you traded cryptocurrency then you are required to include an IRS 8949 cryptocurrency tax form with your tax return when filing. If you had net capital losses then you may receive an even greater tax refund than the amount of the Coronavirus stimulus funding. TaxBit will automate your cryptocurrency 8949 for you so that you can get your 2019 tax return filed ASAP in anticipation of your stimulus check.

Stay healthy, stay safe, and take care of each other.

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