Bipartisan legislation passed by the Senate on Wednesday evening — (which still must be passed by the House,) Will send checks — or direct deposits — to most Americans to help people survive financially.
- Individuals earning up to $75,000 a year will be eligible for the full $1,200 check,
- Reduced checks will go out to individuals making up to $99,000 a year.
- Married couples are eligible for a $2,400 check as long as their adjusted gross income is under $150,000 a year.
- And an additional $500 for every child. (There are no limits on the number of kids).
- If the number of kids changed since your last tax return, you would get the refund when you file your 2020 tax return
- People who file as a “head of household” (typically single parents with children) are eligible for a $1,200 check if they earn up to $112,500 a year.
- They probably won’t apply this money towards outstanding taxes like they do with the tax refunds.
Reduced checks, on a sliding scale, will go out to married couples who earn up to $198,000 or for heads of households earning up to $136,500 annually.
The payment amount falls by $5 for every $100 in income above $75,000/$150,000/$112,50 Or up to $99,000/$198,000/$136,500
You can calculate how much your stimulus check will be here
Checks are supposed to be produced “as rapidly as possible.”
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