How will the $2 trillion stimulus rescue package impact you?

Steve Mnuchin Eric Ueland Mark Meadows

Will you receive a payout? Will you have to pay it back? Those who have direct deposit information on file with the IRS will see the money sooner; those who do not will get checks mailed to them, so it could take weeks for the money to arrive.

"The last time the USA government did anything like this, back in 2008", the Post reports, "the payments went out in batches and it took about eight weeks for the final people to receive their checks". There has also been the idea of an April 6 date to start sending payments, though most consider that unlikely. Treasury Secretary Steven Mnuchin said Wednesday that the Trump administration plans to start sending payments to individuals within three weeks of the bill being signed into law, but a clear timeline hasn't yet been established. "It is more realistic to expect them in a month or two". The first people to get funds from the program will be those who have direct deposit information on file with the Internal Revenue Service from 2019 returns, filed this year, or 2018 returns. If not, your 2018 tax returns will be used.

If you're a single US resident and your adjusted gross income is $75,000 or less, you will get a $1,200 check from the USA government. Mind you, a lot of it will go toward bailing out tax-dodging corporations (including cruise lines) instead of hardworking Americans, many of whom need help keeping their children fed and lights on due to job furloughs, unsympathetic landlords, and student loan officers.

Any person who has a "work-eligible Social Security number" and is not listed as a dependent on another taxpayer's return is eligible for the full rebate (more on that below) if his or her income is below $75,000, or $150,000 for married couples, according to a Senate analysis.

Couples and "head of household" single parents will also get $500 per child.

That means that if you filed a tax return this year or last year, you'll probably receive a rebate, assuming your income is below the caps. "Heads of household will also receive an additional $500 per child".

The amount received will lessen in cases where individuals make more than $75,000 annually, and people making more than $99,000 per year would not be eligible to receive cash payments.

It has not been determined when the money will be sent to people.



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