As a result of the CARES Act, which became law on March 27, 2020, most Americans will receive stimulus checks. Single taxpayers will get $1,200; married taxpayers will get $2,400; and for each child under the age of 17, parents will get $500. Of course, there are some stipulations:

• College students who are claimed as dependents on their parents’ tax return will not get a check.
• College students who live on their own and are NOT claimed as dependents will get a check.
• Even though the checks are being sent now, they are treated like a tax refund for 2020. More on this provision below.
• Money will be direct deposited based on the most recent filing direct deposit number or mailed to the most recent address the IRS has on file.
• You must have a Social Security Number to qualify, not a Taxpayer Identification Number (TIN).
• There are income phase-outs. More information below.

Direct deposit started to go out April 11, and checks will start near the end of April. It is estimated that the checks could take until September to all be sent.

If you are not required to file and you do not want to wait for a check, you can fill out a form on the IRS website to give them direct deposit information. You can also check on the status of your check on the IRS Get My Payment page.

Read the full story here.