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What the "Stimulus Bill" means for individuals . . .
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Posted by: Russ Walden ®

03/25/2020, 18:30:06

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Barring last minute changes, here some specifics on the checks, dubbed “recovery rebates” in the bill. Taxpayers making $75,000 and below will receive a $1,200 check, while married couples making $150,000 and below will receive $2,400. Individuals and couples under this earnings cap would also receive $500 per child.

The money does not count as taxable income. A Republican Finance Committee aide said also said people filing as “head of household” on their taxes – meaning they are unmarried, have children or dependents and pay more than half of their household expenses — will get the $1,200 check if making $112,500 and below.

The earnings threshold is measured by adjusted gross income. That is, gross income, minus deductions. (The adjusted gross income number is on Box 7 in a person’s 1040 form.)

Those receiving Social Security benefits will be eligible. Green card holders, in addition to citizens, qualify for the check,

The IRS will use the bank-account information from the taxpayer’s 2018 or 2019 return and the IRS will transmit the payment via a direct deposit. Tax season for the 2019 return is open until July 15. individuals and businesses might need now. 

I think that pretty much covers everybody here -- which, at last count, was Tee & me.


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