President Donald Trump signed the $2 trillion economic rescue package Friday that, among other consumer aid, will provide millions of American adults with relief checks of up to $1,200 per person. The bill passed the House earlier in the day, after getting through the Senate on Wednesday.
More than 9 in 10 American taxpayers (93.6%) could qualify to receive some cash from the government, according to an analysis from the Tax Foundation. The amount of money you'll get depends on factors like how much you earn, whether you're married, and if you have children.
Payment distribution could start within three weeks, Treasury Secretary Steven Mnuchin told CNBC Thursday.
Answering these four questions will help you figure out how much you could get paid.
The government will base the amount you receive on the adjusted gross income, or your income minus certain deductions, that you reported on your most recent taxes. If you haven't filed your 2019 taxes yet, they'll look at what you reported for 2018.
Individuals who earn up to $75,000 a year will be eligible for a one-time maximum relief payment of $1,200. If your salary is more than $75,000 but less than $99,000, you're eligible for a reduced payment. The government will base the amount you receive on a sliding scale, with the amount falling by $5 for every $100 in income above $75,000.
Use this calculator to figure out how much you could get.
If you're married and filing jointly, you're eligible for a $2,400 check, as long as your adjusted gross income is less than $150,000 a year. If you and your partner earn more than $150,000 but less than $198,000, you're still eligible for a reduced payment based on the same sliding scale, which subtracts $5 for every $100 in income you earn over that $150,000 threshold.
If you're a single parent, which usually means you file your taxes as a "head of household," you're eligible for the full $1,200 check, as long as you earn less than $112,500 a year. If you make more than $112,500 but less than $136,500, your check will be reduced using the same sliding scale.
If you set up direct deposit with the IRS, the government will send your relief payment to the bank account they have on file, meaning you should receive the funds more quickly.
If you don't have direct deposit set up, your check will be sent to you in the mail.
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