The law will send $1,200 checks to many, including Social Security recipients. This comes after Federal lawmakers enacted a $2 trillion economic stimulus package that will send most Americans stimulus checks in aid for families struggling to manage the economic fallout of the coronavirus pandemic.
The House passed the $2 trillion coronavirus relief bill earlier Friday after getting through the Senate on Wednesday. Distributions would come via the IRS, which would use 2019 taxpayer forms to determine how much a person’s check should be and where it should be sent. So if you haven’t filed your taxes for 2019, now is a good time. If 2019 taxes have yet to be filed, the IRS would use information from taxpayers’ 2018 forms.
People receiving nontaxable income would still get checks and those receiving Social Security benefits.
Who qualifies for a stimulus check?
Anyone making up to $75,000 a year would receive checks for $1,200, with an additional $500 per child. The size of the check will decrease based on income for individuals who earned more than $75,000 based on their tax return for last year, with an income cap of $99,000.
For couples who filed jointly, the reduction will start once they earn more than $150,000; for heads of household, at $112,500. This calculator can help you determine how much you might receive in a stimulus check.
Treasury secretary Steven Mnuchin says American can expect stimulus checks to be direct deposited within 3 weeks.