Covid-19 Stimulus: File Your Taxes
the Senate passed a massive stimulus package last night and the House is expected to follow suit). A key feature of the stimulus is individual checks. Checks are supposed to be produced asap, but that could take up to two months. If you use direct deposit, it will be faster. Checks will be $1,200 per adult/$2,400 for married couples filing jointly and an additional $500 per child - income limit $75,000 with a phaseout for higher incomes. Treasury will advance your check based on your most recently filed tax return (2018 or 2019 tax return) so if you need to get your return in today. Your 2019 will not be affected by the stimulus check.