Millions of Americans will begin receiving stimulus checks in the coming weeks. Some of those could be deposited as soon as next week.
Full payments are slated to go out to individuals who make up to $75,000 in adjusted gross income. Heads of household who make up to $112,500 per year and married couples who file taxes jointly and make less than $150,000 will also receive full payments.
Those who have children will receive $600 per qualifying dependents.
Since the overall stimulus payment is less than the original CARES Act payment the cutoffs for those who do not qualify for stimulus are lower. For example, an individual who makes $87,000 or married couple that makes $174,000 will not receive any payment this time around.
Adult dependents also will not receive payments this time around.
This time around stimulus payments will be based on 2019 tax returns. The CARES Act stimulus was based on 2018 and 2019 returns, so in some cases – people could receive less, or not qualify this time around based on income changes between 2018 and 2019.
People who have direct deposit information on file with the IRS will be the first to receive the new round of stimulus. Officials say those payments could drop as soon as next week. Those who used the IRS non-filer tool the first time around because they do not typically file a tax return will also receive payments.
Interestingly enough though, CNBC reports that the bill’s language establishes that anyone who died before January 1st is not eligible for payment. That said, those who died after could still receive a stimulus payment – if they did the first time around.
https://www.fingerlakes1.com/2020/12/22/president-trump-calls-for-stimulus-boost-to-2000-immediately-says-600-a-disgrace/
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