Congress just passed a $2 trillion stimulus bill to address the growing economic crisis caused by the coronavirus pandemic.
Included are direct payments to many Americans. Individuals are eligible for up to $1,200 and couples would receive up to $2,400 — plus $500 per child.
But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not receive anything. The income thresholds are doubled for married couples.
Income would generally be based on one’s 2019 or 2018 tax returns.
The money will likely be deposited directly into individuals’ bank accounts — as long as they’ve already authorized the IRS to send their tax refund that way over the past two years. If not, the IRS would send out checks in the mail.
The White House has said they hope to begin distributing cash quickly, but it may take weeks before the bulk of payments go out.
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