What is a stimulus check? Am I eligible for one? How much will mine be? When will I get it? These are the questions I’ve been hearing (and asking) for the past few weeks now. The effects of COVID-19 on our economy have been monumental- last week alone, 6.6 million Americans filed for unemployment. The stimulus check is meant to ease people’s financial burden and help stimulate the economy. According to The Washington Post, more than 83% of tax filers will be eligible for the stimulus check, so chances are, if you are reading this you are probably eligible!
Read below to find out if you’re eligible, how much your check will be, and when you will get it! I also include common ways to spend your check at the end! 
Are you eligible for a stimulus check?
How do you know if you’re eligible for a stimulus check? According to The Washington Post and The IRS , the eligibility is based on your adjusted gross income from your 2018 taxes, or your 2019 taxes if they have been filed.
- Individuals: If you are an individual and your adjusted gross income was less than $99,000 last year then you should be eligible for a check.
- Married: If you are married, and your adjusted gross income was less than $198,000 last year, you should be able to receive a check as well.
- Head of Household (i.e. single with kids): If you are the head of household, and you made less than $136,500 then you should be eligible for a stimulus check.
Social Security recipients and railroad retirees are also eligible for stimulus checks and will not be required to file a tax return according to the IRS.
How much will your stimulus check be?
The amount of your stimulus check will also be based on your adjusted gross income from 2018 or 2019 taxes. There are two great calculators that you can use to determine how much your check would be. You can use Washington Post Calculator or the Turbo Tax Calculator . Or you can calculate it manually using the criteria discussed on The IRS website and The Washington Post. I have also created a flow chart for all of the visual learners out there! It helped me grasp the situation better. Please feel free to share it!
- Individuals: If you made less than $75,000 last year then you are eligible for the full $1,200 stimulus check. If you made between $75,000 and $99,000 last year then your stimulus check decreases by a sliding scale amount of $5 for every $100 in income.
Your Ultimate Guide to Stimulus Checks for Individuals - Married: If you made less than $150,000 last year then you are eligible for the full $2,400 stimulus check. If you made between $150,000 and $198,000 last year then your stimulus check decreases by a sliding scale amount of $5 for every $100 in income. You are also eligible for $500 for each child you have under the age of 17.
Your Ultimate Guide to Stimulus Checks for Married Couples - Head of Household (i.e single with kids): If you made less than $112,500 last year then you are eligible for the full $1,200 stimulus check. If you made between $112,500 and $136,500 last year then your stimulus check decreases by a sliding scale amount of $5 for every $100 in income. You are also eligible for $500 for each child you have under the age of 17.
When will you get your stimulus check?
For those of you who have your direct deposit information on file with the IRS, your stimulus check should only take a few weeks to be deposited. They are paying out checks to the lower income individuals first. According to The Washington Post they will start sending out direct deposits on April 17th. For those of you who do not have your direct deposit information on file, it can take anywhere from 8 weeks (The Washington Post says that is how long it took in 2008) up to 5 months! If you have moved, make sure the IRS has your updated address on file.
The government is planning to create a web portal where you can submit your direct deposit information so you can receive your checks faster. Turbo Tax has also partnered with the IRS to set up their own here.
How should you spend your stimulus check?
Here are a number of ways you can use your stimulus check once you receive it:
- Pay your bills
- Pay off debt
- Set it aside for an emergency fund
- Invest it in stocks
- Set it aside for a house down payment
- Invest it in your personal development
- Stock up on supplies and food
- Support your local businesses
- Donate to a local charity