Now that Congress has approved the $2.2 trillion stimulus package, you may be wondering what your cut will be. We’ve tried to simplify it for you.
The IRS is doling out the dough to an estimated 125 million Americans. The money will come in the form of a check -- or direct deposit, if you’ve signed up for it with the IRS on your federal tax returns.
Your income level will be determined based on either your 2019 tax returns, if you’ve filed, or your 2018 returns if you haven’t.
Q: How much will you get?
A: Here goes:
- If you earn no more than $75,000 a year in gross adjusted income, you qualify for the full $1,200;
- Married couples can get $2,400 provided their adjusted gross income doesn't exceed $150,000 a year;
- You can still get a (reduced) check if you don’t make more than $99,000 – the total is reduced by $5 for every $100 over $75,000;
- Married couples who make up to $198,000 will also get reduced checks;
- People who file as a “head of household” (single parents with children) are eligible for the full $1,200 check if they earn up to $112,500 a year, with the scale sliding up to $136,500 a year;
- Adults will also receive $500 per child under age 17;
- Those receiving nontaxable income or Social Security get payments, too. They must complete a form for those making under $69,000 and or for those making above $69,000, found at: IRS.gov.
Q: Who doesn’t get a cut?
A: The wealthy, “nonresident aliens” (foreigners without green cards) and dependents who can be claimed on someone else’s tax return.
Q: Any catches?
A: Because the government is using tax returns from 2019 and 2018 to figure out whose projected 2020 salary qualifies them for a payout, it’s possible that a small number of recipients may have to repay some of the amount sometime before April 15, 2021.
Q: When?A: Treasury Secretary Steven Mnuchin said it should take no more three weeks to arrive once its sent sometime in April, but some experts insist it will be months, not weeks.
Q: Will there be another payout?
A: The possibility of another rounds exists, President Trump said, but only if it’s needed.
Once all of the logistics have been figured out, you can learn more about your payout at: https://www.irs.gov/coronavirus.
In the meantime, the Washington Post produced a handy stimulus check calculator for you: https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/.
ALSO SEE: Many New Jerseyans who get state food assistance will receive an extra benefit payment this weekend to help buy groceries -- and that's not all, officials said Friday.
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