What Car Stuff Will You Buy With Your $1200 Stimulus Check?

26 Mars, 2020, 20:38 | Auteur: Auguste Feret
  • Image courtesy of the Tax Foundation

As has been the case for a few days now, single individuals who make $75,000 or less are expected to receive a $1,200 payment, and the payment falls by $5 for every $100 you make between $75,001 and $99,000.

The Senate unanimously passed a massive $2.2 trillion coronavirus emergency rescue package late Wednesday, and among its many tools to bolster the economy amid the COIVD-19 pandemic is $290 billion set aside for direct payments to most Americans. "We're looking to get a lot more information and we have procedures to do that". Those checks will amount to $1,200 for single individuals and more for married couples and for parents, along with other payments.

Representatives in the U.S. House still must approve the package before President Donald Trump can sign it, and some estimates have said that it could take until May for payouts to go out.

"Married couples are eligible for a $2,400 check as long as their adjusted gross income is under $150,000 a year". For those who have not yet filed their taxes this year, it will be based on 2018 returns.

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"Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check". That extra amount is available for up to four months.

The stimulus bill does not provide a specific timeline for payment distributions, but the Treasury Department suggested last week to members of Congress a start date of April 6, with a second batch of checks going out on May 18.

According to The Washington Post, people on Social Security benefits, including retirees and people on disability assistance, also will get money. "The main people excluded from receiving a payment are: the wealthy, nonresident aliens (i.e. foreigners who do not hold a green card), and "dependents" who can be claimed on someone else's tax return.", the Post reports.

About 125 million people, or 83 percent of tax filers, will get checks, says Kyle Pomerleau at the American Enterprise Institute.

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