Created: March 30, 2020 06:28 PM
ALBUQUERQUE, N.M.— Coronavirus stimulus checks are expected to be sent out in the coming weeks after President Trump signed the relief package Friday, however there are some eligibility restrictions on who will receive money.
People who make less than $75,000 a year or couples who make less than $150,000 a year may be eligible to receive a check up to $1,200.
"The IRS has stated that they're going to be making these payments based on your 2018 or 2019 tax filings,” said Travis Flandermeyer, co-founder of Financial Solutions, Planning and Investments.
The stimulus check money is not taxable. Experts said those who used direct deposit to get their tax returns will likely get their money first.
“For any tax filer who filed in 18 or 19 electronically, they should receive the refund electronically. They should be able to receive this electronically also," Flandermeyer said.
The U.S. Treasury Department said they will run ads to let people know what to do if they did not file their taxes.
The coronavirus spending plan will also send money to people on Social Security, the homeless, people who receive Veterans Benefits, people on Disability, and people who owe back taxes. People who currently owe child support may not be eligible to receive money.
If a parent has claimed their child while they attend college then students will not be eligible to receive money, however students who work and filed their own taxes could receive a check.
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