On Friday, March 27, 2020 the CARES act was signed into law. The law authorizes the US government to send stimulus payment to many American’s to help them through the COVID-19 Economic chaos. These payments are anticipated to be sent out by May 15, 2020. The amount each person will receive is based on their income in 2019 or 2018 (depending on if you have already submitted your 2019 tax refund). If you make less than $75,000 as a single filer, $112,500 as head of household, or $150,000 married, singles will receive $1,200 and married couples will receive $2,400. Additionally, if you claim any children as a dependent under the age of 17, you will receive $500 per child.
For those making more than $75,000 or $150,000 (depending on marital status), individuals may still receive some money, but the higher the income, the lower the payment. Singles making over $99,000 per year and married couples making over $198,000 in 2019 (or 2018 if that is the latest filed tax return) will not receive a stimulus payment.
These checks will be sent via mail or deposited via direct deposit if that is the method you have selected for receiving your 2019 (or 2018 tax return if 2019 is not yet filed).
To see how much you will get for the stimulus check, follow this link. https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/
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