President Donald Trump signed the largest relief package in U.S. history on Friday afternoon, paving the way for $2 trillion to be injected into an economy stunted by the spread of the COVID-19 virus.
The bill will bolster unemployment insurance and pour money into businesses, health-care providers and state and local governments. In addition, some 80 percent of U.S. adults will see stimulus checks of up to $1,200 for individuals and $2,400 for couples.
The federal government will also include $500 for each child or dependent.
How much will you get and how is it determined? Here’s a look at the plan.
Note: The amount the check will be is be based on your 2019 tax return if it has been filed, or your 2018 tax return if you have not yet filed this year.
Those filing income tax returns as "single" with adjusted gross incomes up to $75,000 a year will be eligible for a $1,200 check. The payment amount drops by $5 for every $100 in income above $75,000.
Those who file as "married filing jointly" can receive a check for $2,400 check if their adjusted gross income was below $150,000. Married couples will get checks on a sliding scale up to $198,000. Married couples will also receive $500 for each child they claimed on their tax return.
If you filed as "head of household" you are eligible for a $1,200 check and $500 for each child you claimed if your adjusted gross income was $112,500 or less. You can receive a check on a sliding scale if you earn up to $136,500 annually. Those who file "head of household" are typically single parents).
If you receive a Social Security check and do not exceed the income limits above, you are eligible to receive the coronavirus relief check.
Social Security recipients will not have to file a tax return in order to receive the economic stimulus payments The IRS will use the information from the Social Security Administration to issues checks. If you get a Social Security payment, you do not have to file a tax return to get the check.
However, on Wednesday, the IRS said that Social Security recipients who don’t file tax returns will not receive the $500 for each child at this time because the IRS won’t have information on dependents.
The check will be delivered to you via the usual way you get your Social Security payment. People who receive disability checks from Social Security are eligible for the special payment.
Where are the checks sent?
If you have filed a tax return for 2018 or 2019, the Internal Revenue Service will send the check to the bank account number you used for the direct deposit information included on that return. Or, if you did not include direct deposit information on your tax form, the IRS will mail the check to you at the address you included on your tax form.
If you did not file a 2019 tax return yet, the IRS will check to see if you filed a 2018 return and use that information to send your check.
If you get a Social Security check, the IRS will deliver the stimulus check in the same way you get your Social Security check each month.
Will taxes be taken out of the check?
No, the checks will not be taxed. Whatever amount you qualify for, you will receive that amount.
When will I get it?
Treasury Sec. Steven Mnuchin has said the checks are scheduled to begin being distributed on April 6, though that is not a set date.
How can I find out how much I will get?