Now that we are all stuck at home not working, the government is sending out cash to help us all out with our bills during this time. On Wednesday night, the Senate passed a bill give money to Americans during the coronavirus quarantine.
The bill will need to be passed by the House and signed by the president before they start sending out checks. The House is scheduled to convene on the bill today at 9 AM and President Trump has tweeted that he will sign it. So don’t go crazy buying toilet paper at Sam’s Club until they “show you the money”.
The following is based on Adjusted Gross Income (AGI) on your 2018 tax return. To figure what that number is, look at page 2, line 7 of last year’s 1040:
· Single adults will receive up to $1,200 if they earn up to $75,000 AGI
· Married couples get $2,400 if they earn under $150,000 AGI
· If you have kids, you will get an additional $500 per child (consider it payment for homeschooling these past few weeks)
What happens if you don’t make the income cut? Never fear, the US Government is here. You may still qualify for a partial check.
· Singles can make up to $99,000 AGI
· Married couples can earn up to $198,000 AGI
If your AGI is less than the amounts above, The Washington Post has a great a calculator for you to figure out how much you will get (https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator)
So when can you go crazy at Sam’s Club?
Great question. I don’t think a date to mail checks has been determined. However, this is what the Washington Post reported. The In
ternal Revenue Service the direct deposit your money into the account you used on your 2019 return if you have filed already.
If you haven’t filed your 2019 return yet or you didn’t direct deposit your 2019 refund, the IRS will use what you reported on your 2018 return.
Stay tuned to my blog on updates on this and other coronavirus tax issues. Contact me if you have any questions at barb@calc-you-later.com. Stay safe, wash your hands, stay home.
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