What is the stimulus bill and what will it do for Ohio homeowners?
Ohioans have likely heard the buzz about the stimulus bill that was recently passed into law on March 27th. So what exactly is it and how does it help Ohioans?
Individual Direct Payments
The bill will grant stimulus checks to American workers impacted by the COVID-19 pandemic. A lot of focus for Ohioans is on the part of the bill that will give each individual a base check of $1,200, granted they make less than $75,000 a year in gross income. If you’re part of a couple that files taxes together, you may be eligible to receive $2,400. Parents will likely see an additional $500 per child under 17.
What about those making over $75,000 gross a year?
Individuals making more than $75k won’t be eligible to receive the stimulus check. The exception to this is if you’re married and filing together.
Common questions and answers about the stimulus checks
When will Ohioans get stimulus checks?
Treasury Secretary Steven Mnuchin stated Sunday March 29th, 2020 that Americans can expect checks to be direct deposited into their bank accounts within three weeks. That’s the estimation for those who’ve file taxes electronically, whose band information the IRS readily has available. For Ohioans that typically file their taxes and receive tax return checks by mail, it will take more time to receive their checks.
What if you didn’t earn any income last year?
The IRS is making a new form available on their site, similar to the one they created in 2008 during the last recession.
Are college students eligible to receive a stimulus check?
College students who are not claimed as dependents by their parents may be eligible to get stimulus checks.
Is the check considered taxable income?
No.
What if I owe the federal government money?
Those who are behind on child support payments that Ohio has reported to the Treasury Department will be ineligible to get stimulus checks.
