Stimulus deal breakdown
The US Senate passed a $2 trillion stimulus bill Wednesday night.
Under the stimulus bill passed by the Senate Wednesday night, individuals making less than 75-thousand dollars per year will receive $1,200 dollars. Married couples will receive $2,400 with an additional $500 per child.
Those making more than 75-thousand will see that payment decrease $5 dollars for every $100 earned over 75-thousand.
Individuals making more than 99-thousand will not receive checks, except for those who claim children. They will receive the same $500 per child.
Most people who receive social security or disability will receive a stimulus payment. If you haven’t filed a 2019 tax return the government will use a social security statement showing your income.
Anyone with a social security number is eligible for the payment, unless you are listed as a dependent one someone else’s tax return, and you are not a child. That will exclude some elderly adults as well as students over the age of 16.
Your payment will be based off of your 2019 tax return. If you have not filed in 2019 yet, it will be based off your 2018 tax return.