On March 27, 2020, President Donald Trump signed into law a record $2.2 trillion stimulus package in an effort to help stem the effects of the new coronavirus, which has wreaked havoc on the U.S. economy and devastated the livelihood of American workers. As a result of the package, most Americans will receive a one-time payment.
Who’s Eligible To Receive a Stimulus Check
It’s important to note that not everyone is eligible for a stimulus payment, and those who are won’t necessarily receive the same amount.
American adults making up to $75,000 will receive $1,200, plus $500 for each dependent child. Similarly, married couples earning $150,000 or less will receive a total of $2,400. From there the amounts decrease gradually. Single-filers with adjusted gross incomes of $99,000 or higher, or married couples who earn more than $198,000, won’t be eligible for the check.
The following people are also not eligible for a relief check:
- Children ages 17 or 18 years old
- Adults still claimed as dependents
- Nonresident aliens
- People who haven’t filed 2018 or 2019 tax returns
When and How You Can Expect Your Stimulus Check To Arrive
Treasury Secretary Steven Mnuchin said Americans can expect to see money directly deposited into their bank accounts within three weeks.
You do not have to pay income tax on your relief check, and there is no need to apply for a payment if the IRS already has your bank account information.
For those with no direct-deposit information on hand, Mnunchin said the federal government is working to create an online system so that those individuals can upload their information and receive their payment immediately. Otherwise, the payment will be sent in the mail.
How Much Your Stimulus Check Will Be For
If you want to calculate it manually, use our GOBankingRates Stimulus Check Calculator here. Just download it to your device and answer each question.
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