Its finally been agreed upon and signed and the biggest question on everyone's mind is "How much will I be Getting?" Lets go over the numbers. The US government will soon be issuing stimulus payments to most households as part of the Corona virus Aid, Relief, and Economic Security Act (CARES Act).
1: $1200 for individual
2: $2,400 for married couples (Married Filing Jointly) 3: $500 for each dependent child (under the age of 17)
Will everybody receive these payments?
No. There are income limitations based on your filing status. For singles, the payments are reduced for those with Incomes over $75,000. For married couples filing jointly, just double that amount to $150,000. For those filing as head of household, the limit is a little higher at $112,500. Heads of households are generally single, widowed or divorced and claim a child as a dependent. "But what if I make over that amount?" The plan is for the payments to be reduced by $5 for every $100 over the limits. As a result, a single tax filer would see no payments if their income is $99,000 or higher. For a married couple filing jointly with no children, their payment would phase-out completely with at $198,000.
Which tax year is being looked at?
Basically its the most recent one filed. For those who have filed their 2019 taxes, that is what will be used to determine eligibility. If you have not filed 2019 returns, your 2018 tax returns will be used.
What if I don't file taxes because I'm on Retirement or Disability?
If you happen to fall into the group of people who receive Social Security Income (either retirement or disability) but didn’t file a return in 2018 or 2019 (because of earning too little to be required to file), will also receive stimulus checks, based on the information sent to the IRS on 2019 forms SSA-1099 and RRB-1099.
When will the payments be distributed?
Here's the million dollar (or in this case 2.2 Trillion Dollar) question. Right now no one knows for sure but here are some of the best estimates given. If you received your tax refund via direct deposit in 2018/19, you could receive your check in a couple of weeks based on the banking information on file. However, if you do not have your bank account information on file with the IRS,(i.e. you didn't e-file in 18 & 19) it could take longer to receive your physical checks, possibly (hopefully not) up to two months.