Congress is pushing a $2 trillion stimulus bill that will send checks to American tax payers.
The checks from the government is to help you cope with the devastation stemming from the COVID-19 crisis.
Payments are expected to be $1,200 for individuals, or $2,400 for those who are married and file income taxes jointly. This will also include $500 per child.
Payment amounts are based on your adjusted gross income (the amount you made before taxes) in your 2018-2019 tax return. This means, if you earned more than $75,000 as an individual, $112,500 as head of household or $150,000 if you are married and filing jointly, the amount on the check will be reduced by $5 for every $100 over the threshold.
You are still eligible for a check if you have no income or if you rely on government benefit programs like Supplemental Security Income benefits or SSI, from Social Security.
You may not be eligible to receive a check if you have made $99,000 as an individual, $146,500 for head of household filers with one child and $198,000 for joint filers with no children.
Payments will occur one time. Individuals who receive tax funds electronically will receive there money as a direct deposit. Those who do not receive tax refunds electronically will get money via check by mail.
At this time, there is no update when the monies will be released.
To learn more about filing taxes or questions about the extended deadline of July 15, 2020 email Metro Tax Solutions at info@metrotaxsolutions.com or 347-627-6262.