After days of deliberation and debate, the federal government appears to be ready to enact a stimulus package that offers financial assistance to Americans affected by the current coronavirus public health crisis. How much you’ll get—or if you’re eligible to get anything at all—requires sharing a little bit of information.
Fortunately, the Washington Post is helping make that easy. The site has posted a calculator that can determine your eligibility for the stimulus check based on your marital status, adjusted gross income, and number of children.
The basics? Those making $75,000 or less per year will receive a check for $1200. If you make up to $99,000, you’re still eligible, but $5 is shaved off for every $100 made above $75,000.
A married couple will receive $2400 provided their adjusted gross income is below $150,000. Adjusted checks will go out to couples making up to $198,000. Married couples will receive $500 for each child in the household. Single parents can make up to $112,500 a year and still receive the $1200 check, plus $500 for each child.
In this age of social distancing, some are wondering whether it would be better to get direct deposit for these funds rather than have to visit a bank. The government will use direct deposit, but that information has to be available on your 2019 tax return. If you haven’t filed yet, your 2018 return will be used for your banking information, as well as to determine your income and household status.
It could take several weeks for all the checks to be distributed. While some may receive them in early April, others might not get theirs for several weeks. And while it's possible more checks may be coming, nothing has been made official.
[h/t Washington Post]