On Friday, March 27th, Trump signed the $2 trillion economic stimulus package that includes a stimulus checks of up to $1,200 to US taxpayers, in an effort to improve the economy of the coronavirus outbreak. The US Senate passed the bill on Wednesday.
All Immigrants do not get the stimulus check, you need to have an SSN to get the stimulus check. Check out our calculator and some questions answered for immigrants with ITIN for spouse below.
Who qualifies for a stimulus check?
The stimulus check would reach approximately 83% of the tax filing residents. It’s in the amount of $1,200 per adult and $500 per child. The amount would decrease based on income for individuals who earned more than $75,000 based on their tax return for last year (or their 2018 return if they have not filed yet). The check for individuals will shrink by $5 for every $100 earned over $75,000. For couples who filed jointly, the reduction starts once their income is more than $150,000; for heads of household, starts at $112,500.
This online calculator will help you determine how much you might receive in a stimulus check.
Individuals who earned more than $99,000 and couples who earned more than $198,000 jointly would not receive a stimulus check.
Do I Have to Have a Social Security Number to Get a Check?
Yes, you must have a Social Security number to receive an economic stimulus check. Your spouse and any child you’re receiving $500 for must also have a social security number. An individual taxpayer identification number (ITIN) is not good enough.
Also, if you are a Nonresident Aliens, you will not receive a stimulus check.
In 2008, when our country issued similar checks, not only were taxpayers who filed with ITINs excluded — so were those with a valid Social Security Number who jointly filed a return with a spouse with an ITIN (with a limited exception for military families).
Here are a few examples where one person has SSN through visas like H1 and their spouse or children having ITIN.
*IRS will determine finally
How to save money in this crisis?
The best way to save money for the next few months is by getting a 0% APR card. If you have a high balance, use the stimulus to pay off the higher balance and transfer any leftover money to a credit card that offers 0% APR for the next 12 to 15 months. This will save you hundreds of dollars in the next few months.
Best Strategy for 0% Interest APR Balance Transfer credit cards
We have compiled the complete list of the best 0% APR cards that are in the market and with current promotional offers. Extra money is what we all need.
Leave a Reply