The U.S. Congress passed legislation providing $2.2 trillion in aid to citizens, states and businesses small and large. Part of the law (full text here) would provide direct payment checks to taxpayers who need an infusion of cash to weather the outbreak and resulting shutdown.
President Donald Trump signed it into law after the House voted final congressional approval.
The stimulus payments will be determined by a person's 2019 federal income tax filing. If you have not yet filed your 2019 taxes, your 2018 return will be used. The payments will be made by either direct deposit or check. Direct deposits could come within two weeks and checks in four weeks.
If you have not filed taxes in the past few years, you need to reach out to the IRS and provide your personal information so the checks can be mailed to your home, Sen. Chris Coons of Delaware said Thursday.
Individuals making $75,000 a year or less can get $1,200. The payments are capped for folks making $99,000 a year or more. Couples making $175,000 or less can get $2,400. The total for couples is capped at $198,000 a year. Parents can receive an additional $500 per child.
These will be based on adjusted gross income, which is the amount of money you make in a year minus allowable deductions. The payment will not be taxed, lawmakers tell us.
To help you better understand how much money you should expect to receive, you can use the calculator below:
Calculate Your Coronavirus Stimulus Payment
Source: Staff reports, NBC News
Credit: Nelson Hsu, Vince Lattanzio / NBC
These calculations are estimates based on the legislation as of Friday, Mar. 27, 2020 and information provided by you. They are subject to change.
For help with payments and other issues related to the coronavirus relief payments, visit IRS.gov.
Remember this from the IRS: "The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call, text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds."
