Congress passed the $2 Trillion Stimulus bill that will help with the economic crisis caused by the Cornavirus pandemic.
What Does This Mean For You?
This means that single tax payers will receive $1,200 each and couples will receive $2,400. For each dependent taxpayers will receive an additional $500 for each qualifying child.
When Will You Receive The Money?
The checks and direct deposits are set to reach taxpayers within the next 3 weeks so keep your eyes open for your direct deposit or paper check to arrive. If you owe back child support you can expect to not receive a stimulus check. Those that are on social security are still eligible to get the cash though.
Will you get another check?
Although under the current bill, this is just a one time payment and no further checks are set to be disbursed. It is possible that there will be another bill passed later on, releasing more funds to the taxpayers. Everyone with a social security number is eligible to receive this relief funding as long as you were not claimed as a dependent on someone else’s tax return.
Didn’t file your 2019 tax return yet?
If you did not file your 2019 tax return yet, then the irs will look at your 2018 tax return to determine the amount you are eligible to receive. Single tax payers who made less than $75,000 and couples who made less than $150,000 will receive the full amount. If your total gross income is above the threshold amount then your stimulus payment would go down $5 for every $100.