Finance

U.S. $2 Trillion Coronavirus Stimulus Plan Checks

The House has just passed the $2 trillion coronavirus stimulus bill which includes direct payments to qualifying Americans. Although the biggest highlight of the bill is checked up to $1,200, there is more to it than what meets the eye.

For sure you will get a $1,200 check if your adjusted gross income is less than $75,000 if filing as single or $150,000 for joint filers. But there is more to the bill. Those who currently receive unemployment benefits from the state will get an additional $600 on already what they get. This historic unemployment increase is going to be added for up to 13 weeks on top of the state unemployment benefits.

Income Requirements for the Bill

To get a check from the government as part of the coronavirus stimulus bill, single filers must have an AGI of less than $99,000 and joint filers with less than $198,000.

The phaseout begins at $75,000 for singles and $150,000 for joint filers. Your 2019 tax return will be taken into account when calculating your check amount. Haven’t filed your 2019 federal income tax return yet? Then, the 2018 tax return will be taken into account. Here are the check amounts for every $5,000 over the phaseout.

Joint Filers

Adjusted Gross Income on 2019 Tax ReturnCheck Amount
$150,000$2,400
$160,000$1,900
$170,000$1,400
$180,000$900
$190,000$400
$198,000 and more$0

Singles

Adjusted Gross Income on 2019 Tax Return Check Amount
$75,000$1,200
$80,000$950
$85,000$700
$90,000$450
$95,000$200
$99,000 and more$0

There is also an added bonus if you have qualifying children which will grant you $500 on top of what you get. If you have a child under the age of 17, you can get this bonus. However, the same phaseout threshold applies to this as well. So if you’re earning more than $75,000 or $150,000, the $500 will be reduced.

Overall, the measures the government is taking to fight off the economic downshifts of the coronavirus pandemic is continuing. Most recently, the Internal Revenue Service postponed the tax payments for an additional three months. Learn more about the tax payment delays here.

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