Many people are getting their stimulus check at the moment. It's a check designed to help boost the US economy, and you can get yours in several ways. One of those ways is Varo, an online banking service with no fees associated with it. That's why it's one of the best ways to get your stimulus check sent to you. In this guide, we'll cover exactly what your Varo stimulus check is and how you can keep an eye on it to ensure that you get yours as soon as possible.
A Varo stimulus check is a stimulus check that's being sent to someone through Varo. The stimulus check itself is money from the US government meant to help boost the US economy. Varo is an online bank and one of the options that people have for receiving their stimulus check. It's preferable because there are no fees associated with using Varo.
What is a Stimulus Check?
Another round of stimulus checks is being provided to citizens by the US government. These are also known as economic impact payments. They're being sent out in an effort to help boost the US economy. The more people there are spending money, the better the economy does.
Due to the coronavirus (COVID-19) pandemic, many people have lost their jobs. Others have to tighten their belts and spend less to stabilize their finances through these troubling times. In these and more cases, a stimulus check is meant to help.
Will I get a Stimulus Check?
There are several levels of entitlement when it comes to stimulus checks. However, at the base level, there are four things that someone must have to qualify for one. These requirements are as follows.
- You must have a Social Security Number.
- To get a stimulus check you have to be a legal US resident.
- As a single tax filer, you must have an adjusted gross income of up to $87,000, or $174,000 as a married couple.
- You can't be claimed as a dependent on anyone's 2019 tax return.
One last note. You are still eligible to get a stimulus check under the requirements above even if you were not required to file any taxes in 2019.
How Much Money Will I Get With Your Stimulus Check?
It's so easy to understand how much you'll get on your stimulus check. We'll outline exactly what you should be getting here.
Option 1: Individuals who made less than $75,000 on their 2020 tax return and weren't claimed as a dependent on anyone else's tax return are eligible for $600.
Option 2: Married couples who made under $150,000 in their 2020 tax return and were not claimed as dependents on another person's tax return are entitled to $600.
Option 3: For all those who made between $75,000 and $87,000 in their 2020 tax return, the amount will be reduced on a sliding scale. The IRS decides this on an individual case by case basis.
Additional Payment: Families with children who are under the age of 16 should receive an additional $600 for every child that qualifies. For example, if you have two children under the age of 16, you should get an additional $1,200 on top of what your standard stimulus check payment would be otherwise.
When Will my Stimulus Check Arrive?
Your stimulus check will arrive in your bank account via a direct deposit. It may also arrive as a check in the mail. The method used will depend on what you chose when you applied for it. The IRS website is a great place to check for updates on when stimulus checks are being sent out.
If you chose a direct deposit into your Varo account, this is where your stimulus check will go. The checks are sent out via ACH, which means that they will be processed every five business days or so.
How to Get Your Stimulus Check Faster With Varo
If you want to get your stimulus check faster, you need to be using Varo. As soon as the IRS gets your payment, they'll deposit it into your account, so you need to keep checking to see if it's there.
Turn on notifications in your Varo app to see when your stimulus check hits your account. You can do this by opening the ‘Settings‘ menu, then tap the ‘Manage Notifications‘ button. Now you need to change the slider so that notifications are turned on.
Varo is by far the fastest way to get your stimulus check, so make sure you're using this bank account when applying for it.
Understandably, you may have some further queries about your stimulus check. Hopefully, we've answered your question below.
- What happens if I owe money on my tax return?
If you qualify for a stimulus check, you will get 100% of that payment. The IRS will not claim any of it for balance owed on your tax return.
- Can I get a stimulus check even if I haven't filed a tax return?
If you didn't file a tax return you are still entitled to a stimulus check.
- Is. my stimulus check taxable income?
A stimulus check is not taxable income.
- Can college students qualify for a stimulus check?
As long as college students meet the requirements, they can apply for and claim a stimulus check.
That's everything you need to know about how to get your stimulus check. If there's something that you think we missed, let us know so in the comments.