One of the cornerstones of the Senate coronavirus stimulus package is the direct payment of money from the federal government to American individuals and families. In the middle of the bill’s hundreds of pages are details regarding exactly who can expect to receive money and how much they can expect. Here is a breakdown. Who is eligible? The bill makes clear that everyone is eligible except for nonresident aliens and those who can be used as the basis for deductions for another person. “Seniors, veterans, the unemployed and low-income Americans would be eligible too,” Senate Finance Committee Chairman Chuck Grassley said Wednesday. The bill text indicates those who receive social security can collect checks: For those not required to file 2018 or 2019 tax returns because of social security benefits, tax returns aren’t required to claim the money — the government can use information from a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement. With that in mind, here is how much people can expect to get.
People filing individually People who file their taxes as individuals are eligible for payments up to $1,200, but that decreases for people who earn an adjusted gross income of more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000. What that ultimately means is that for people who make more than $75,000 the payment is less the higher their earnings are, with it being reduced to zero for those who make $99,000 or more.
People filing jointly Couples who file a joint tax return are eligible for a payment of up to $2,400, plus and additional $500 per child. However, that amount decreases for couples whose adjusted gross income is more than $150,000 in a year at the same rate of 5 percent of every dollar above that mark. This translates to less money the more people make, with it being reduced to zero for joint filers without children who earn $198,000 or more.
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