Already, the United States Congress has approved three different stimulus bills to keep the economy running during the COVID-19 crisis. Out of the three bills, the largest one was worth $2.2 trillion. This bill included one-time payments for millions of Americans who have been impacted by the crisis.
Who Can Get a Stimulus Payment?
You are eligible for the stimulus payment if you have an adjusted gross income that is less than $75,000. Married couples who file joint returns can earn up to $150,000 and receive the entire payment. After you hit this income level, the payment is reduced by $5 for every $100 you earn above $75,000 or $150,000.
If you made $99,000 as an individual or $198,000 as a couple, you are not eligible to get this payment. To be eligible for an automatic payment, you must have filed a tax return in 2018 or 2019. If you are an eligible taxpayer, you can also get up to $500 for each qualifying child in your household.
How Much Will It Be?
Unless you earn more than the threshold, you should get $1,200 as an individual. Married couples who file joint returns will receive $2,400. You will also receive an extra $500 for each child in your home.
When Will My Stimulus Check Arrive?
On March 30, 2020, the Internal Revenue Service (IRS) and the Treasury Department announced that the payments would be distributed within the following three weeks. These payments are going to occur automatically. If you did not file a tax return, you will need to submit a simple tax return if you want to receive a payment.
The House Ways and Means Committee has tentatively scheduled a timeline for distributing the checks. They plan on having 60 million checks sent out through direct deposit during the week of April 13, 2020. From May 4 until September, they expect the IRS to send paper checks at a rate of 5 million payments per week.
Treasury Secretary Steven Mnuchin has said that checks will be distributed much faster than this timetable. According to the Treasury Department, 50 to 70 million Americans will get a stimulus check through direct deposit by April 15. In the following three weeks, the Treasury Department plans on sending the majority of the remaining checks.
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