Published: Fri, March 27, 2020
Markets | By Otis Pena

This is how much money you could get from the stimulus bill

This is how much money you could get from the stimulus bill

Single taxpayers making less than $75,000 will receive the full $1,200, with the amount decreasing for those above that before finally phasing out altogether at $99,000. For every $100 you earn above the limit, payment drops by $5.

The more you earn, the less you will get. That also phases out for people with higher incomes - single parents who make $109,000 or more and couples making $208,000 or more will get nothing. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. "People who don't pay taxes, such as those with very low incomes, may be hard to reach the way the program is designed", Politico notes.

If you're a single US resident and your adjusted gross income is $75,000 or less, you will get a $1,200 check from the USA government.

According to the Institute on Taxation and Economic Policy, immigrants who file taxes using an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number will be exempt from payments, which the institution says excludes an additional estimated 4.3 million adults and 3.5 million children from the benefit.

"Our expectation is within three weeks we will have direct payments out where we have depository information", Mnuchin told CNN.

Gig workers, like Uber drivers and Amazon Flex delivery drivers, are going to be eligible to apply for benefits as well, although it is not yet clear how much they can get.

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"The last time the US government did anything like this, back in 2008", the Post reports, "the payments went out in batches and it took about eight weeks for the final people to receive their checks". It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018.

Payments will most likely arrive as a paper check, but tax filing services, including the IRS, offer the option for direct deposit when receiving a tax return, which will likely be applicable for the relief payments.

"People who file as a "head of household" (typically single parents with children) are eligible for a $1,200 check if they earn up to $112,500 a year".

Under the Senate's legislation, "qualifying children" will also receive a check.

The baseline check will be $1,200 per taxpayer, and adjusted from there based on your income, and another $500 for each dependent child.

It has not been determined when the money will be sent to people.

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