What You Need to Know About Your COVID-19 Stimulus Check

You’ve heard about the 2nd COVID-19 stimulus check, but what does it mean for you as you weather the ongoing coronavirus pandemic

Stimulus Check Amount

Let’s dig into the specifics just for a second. As U.S. lawmakers have agreed to the much-awaited stimulus bill to offset the economic impact of the COVID-19 pandemic, this means that the vast majority of American taxpayers will receive an injection of cash. Economic impact payments of up to $600 will be sent to individuals.

Did you know there’s more wrapped up in this mega bill? The highlights of the $900 billion bill also offers:

  • $300 per week to unemployment benefits for 11 week, from the end of December through the beginning of March
  • A 15% increase in SNAP (Supplemental Nutrition Assistance Program) benefits for the next 6 months
  • Eviction protection for renters through January 31, 2021
  • $25 billion in rental assistance for those who remain jobless
  • $20 billion for states to use for the purchasing of vaccines, rendering the vaccine free to receive for anyone who opts to get it
  • $20 billion for states to use for coronavirus testing

As of publishing, the full relief bill has not been released to the public.

Am I Eligible for a Coronavirus Stimulus Check?

You’re eligible for a stimulus check if you’ve filed a federal tax return for 2018 or 2019.

Do I Need to Contact the Government to Get My Stimulus Check? 

No. The IRS will calculate and automatically send the economic impact payment to you if you’re eligible.

The IRS will use your information from your 2019 tax return to calculate your payment amount. If you haven’t yet filed your return for 2019, the IRS will use information from your 2018 taxes to calculate the payment. 

See also: How to Invest Your $1,400 Stimulus Check

Payments should be sent to you automatically via direct deposit from the return filed or through a check via U.S. mail.

How Much Will My Stimulus Check Be?

Let’s break down how much you might receive: 

  • Individuals who earned $75,000 or less in 2019 are eligible for the full $600 stimulus payment. Married couples filing joint returns earning up to $150,000 will receive the full $1,200 stimulus check.
  • Single filers with income exceeding $75,000 and $150,000 for joint filers with no children are not eligible.

You’ll receive $600 if you earned less than $99,000. Likewise, if you are married filing jointly and earned more than $198,000.

You’ll also receive $600 for each dependent younger than 17. 

Nonresident aliens are ineligible for a stimulus check.

When Will My Stimulus Check Arrive?

This is dependent on when the President signs the final stimulus bill. You can expect to begin receiving stimulus checks starting in 3 weeks after the bill is signed into law.

Disclosure * Only Entity (non-Institutional), IRAs, Individual or Joint equities and futures accounts with the correct promotional code entered and funded with New Assets (as defined below) greater than $499.99 are eligible for this cash offer. To qualify, you must enroll your existing or new account (the “Account”) either by entering the promotional code on your new account application or by requesting to enroll, via telephone, with a TradeStation Representative. You must fund the Account with New Assets within 45 calendar days of Account enrollment. New Assets is defined as cash or securities held at a financial institution other than TradeStation (assets transferred from an existing TradeStation account do not qualify). Your Account will not qualify for the cash offer if you withdraw or transfer assets from your Account, then redeposit them into the Account. New Assets will be aggregated during the 45-calendar day period following the enrollment date to determine the amount of your cash offer. TradeStation will calculate your eligibility to receive a cash offer by adding all New Assets deposited or transferred into the Account during the Promotional Period, reduced by any withdrawals or transfers from the Account during the 270-calendar day holding period following the last day upon which you funded your Account with New Assets during the Promotional Period (“Qualifying Assets”). Asset fluctuations (up or down) do not affect the calculation of Qualifying Assets. The cash offer will be determined based on Qualifying Assets in the Account as follows: Less than $500 – cash reward of $0; $500 – $24,999 – cash reward of $50; $25,000 – $99,999 – cash reward of $250; $100,000 – $199,999 – cash reward of $400; $200,000 – $499,999 – cash reward of $800; $1,000,000 – 1,999,999 – cash reward of $3,000; $2,000,000 or more– cash reward of $5,000. Your one-time cash reward will be deposited into the Account the month following the end of the 270-calendar day holding period. Customers who receive promotional offers from any TradeStation affiliate may be subject to IRS Form 1099-MISC reporting requirements should the total value of those items exceed $599 in a calendar year. Please consult a tax professional. This promotional offer does not apply to charges associated with overnight fees, regulatory fees or other account fees and charges, including margin interest, if any. Your account will be considered and approved or disapproved based on all relevant factors, including your financial situation and trading experience. Prices, fees, costs and terms are subject to change. This offer cannot be combined with any other offers. Only one offer per client on one qualifying account. Clients who received previous cash offers from TradeStation are ineligible. Additional restrictions apply. TradeStation reserves the right to terminate this offer or change the terms and conditions at any time.