There is on question people are asking that has moved to the top of list above even, “Where can I go and what can I do when the stay-at-home order goes into effect Friday?”
That is: “How much money do I get and when do I get it?”
The stimulus bill finally passed the US Senate and is expected to easily gain approval in the House on Friday, March 27.
The federal government, which is not known for being speedy, says that it plans to have money distributed to most people in three weeks. When possible, the money will be wired directly to bank accounts, so most people won’t actually get a check in the mail.
The estimate is that 80 percent of Americans will receive a payment.
For people whose adjusted gross income in 2018 (or in 2019 for people who have already filed their 2019 tax returns) was $75,000 or under, the amount they receive will be $1,200. For couples who file income tax jointly, the limit is $150,000 and they will receive $2,400.
Plus, people will receive $500 for each child under 17. So if you have a 20-something living in your basement, you won’t get any extra money for them. But if they filed income tax in 2018 or 2019 and made less than $75,000, they should get the $1,200 payment. If they are living in your basement and made more than $75,000 in 2018, then you have whole different set of issues to deal with.
If you made more than $75,000 in 2018 but under $100,000 – for couples filing jointly the numbers are over $150,000 and under $200,000 – you will still receive a check, but not the full amount. The calculation for individuals is that for every $100 over $75,000 the payment is reduced by $5.
For example, if your adjusted gross income in 2018 was $80,000, you would receive a payment of $950. And if it was $90,000, you would receive $450.
But the good news for some families is that if your income is as high as $199,000, you wouldn’t qualify for any payment but you should still receive $450 for each child under 17.
If you are single and file as head of household, you should receive the full $1,200 if your income was $112,500 or less, and reduced payments if your income was less that $136,500.