ROANOKE, Va. – The U.S. government has promised to send checks to Americans to help them financially stay afloat as the economy continues to shut down in the wake of coronavirus.
The Senate passed bipartisan legislation on Wednesday outlining how much money American families would receive, but it still needs to pass the House. Here is a breakdown of who is eligible and what is included:
The following information is from the CARES Act via the Washington Post:
How much money will I get?
- If you make $75,000 or less a year, you are eligible for a $1,200 stimulus check
- If you make more than $75,000 but less than $99,000, your check will shrink by $5 for every $100 you earn over $75,000
- If you and your spouse make $150,000 or less, you are eligible for a $2,400 relief check
- Married couples with children are also eligible for $500 per child
- Couples who make more than $150,000 and earn up to $198,000 will receive reduced relief checks
If you file as “head of household”
- If you file as the “head of household," you are eligible for a $1,200 check if you make under $112,500
- Those who file as the “head of household” are also eligible for $500 per child
- Reduced checks will be given to people in this category who make between $112,500 and $136,500
I am on Social Security, disability or retired — am I eligible?
Yes, you are eligible.
If you are low-income and on Social Security, you do not need to file a tax return as long as you received a SSA-1099 form.
How does the government know where to send my money
The government will use the direct deposit information or address from your 2019 tax return. If you have not filed a 2019 tax return, the IRS will use the information from your 2018 tax return to determine if you are eligible and find your bank details or mailing address that way.
If you are a low-income American on Social Security that does not file a tax return, the government will send your payment however you get your Social Security check.