Congress officially passed a $2 trillion economic stimulus package to aid the economy which has been crippled by the coronavirus pandemic.
President Trump signed it Friday afternoon. It is the largest in the country’s history. Here’s a break down of what that means for you.
The biggest question is who qualifies for the stimulus?
All U.S. residents are eligible as long as they have a work-eligible Social Security number and meet the income requirement.
The IRS will base the payments on a person’s adjusted gross income on his or her 2018 tax return, or their 2019 return if they have already filed.
All Americans with an adjusted gross income below $75,000 (or $150,000 for a married couple) would receive the full amount of $1,200 dollars per adult (or $2,400 dollars for a married couple), plus $500 dollars per dependent child.
Americans who make between $75,000 and $99,000 (or married couples making between $150,000 and $198,000) are eligible for a portion of the payment.
The rebate amount is reduced by $5 for each $100 in income over $75,000 (or $150,000 for a married couple).
The amount per child is not adjusted by income, but is only available to parents with income of $99,000 or less, and married couples with income of $198,000 or less.
Here are some other factors to keep in mind.
People with no income are also eligible for the same amounts.
People who have been listed as a dependent on someone else’s tax return, such as a teenager or young adult, are not eligible to receive a payment.
When can you expect to receive a check?
U.S. Treasury Secretary Steven Mnuchin said Sunday that Americans could expect checks to be directly deposited in their accounts within three weeks, but some experts that say it could take longer.
People who have already set up direct deposit with the IRS could get the checks sooner.
Others might have to wait weeks or even months to see their money because it will take the IRS longer to get the paper checks printed.
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