The $2T stimulus package isn’t law yet, but we know what we can expect.
As the bill stands now, individuals making up to $75,000 a year would receive checks for $1,200 - with an additional $500 per child.
As the bill stands now, individuals making up to $75,000 a year would receive checks for $1,200 - with an additional $500 per child.
The payments would progressively decrease for those making more than $75,000, with an income cap of $99,000 for individuals.
It’s not 100% clear when the checks would go out — the House still needs to pass the measure. But, it’s expected that the checks would start to go out within 3 weeks of the president singing the bill, according to @stevenmnuchin1
GOOD NEWS IS: There is a way to speed up getting the $ into your pocket. If you’ve signed up for direct deposit with the IRS — which is about 70 MILLION people — you should get the money sooner than if it’s sent to you by mail.
Wondering if your check will be based off of a tax return?
No action will be required to receive a relief check as long as you’ve filed your taxes and the payment will be based on the last tax return you filed.
No action will be required to receive a relief check as long as you’ve filed your taxes and the payment will be based on the last tax return you filed.
Per the bill: “For the vast majority of Americans, no action will be required in order to receive a rebate check as IRS will use a taxpayer’s 2019 tax return if filed, or in the alternative their 2018 return.“
What about those who live on social security?
YOU WILL STILL GET A CHECK.
According to the bill, (it’s not final yet) “this is true even for those who have no income, & those whose income comes entirely from non-taxable means-tested benefit programs such as SSI benefits”
YOU WILL STILL GET A CHECK.
According to the bill, (it’s not final yet) “this is true even for those who have no income, & those whose income comes entirely from non-taxable means-tested benefit programs such as SSI benefits”
What’s the smartest way to use this cash?
This is not a bonus check.
Think groceries, utilities, prescriptions, gas for your car.
Meanwhile, see if your mortgage/car loan will allow you to put monthly payments on hold temporarily so you can focus on daily essentials.
This is not a bonus check.
Think groceries, utilities, prescriptions, gas for your car.
Meanwhile, see if your mortgage/car loan will allow you to put monthly payments on hold temporarily so you can focus on daily essentials.
