Working from the Senate’s Coronavirus Porkulus spendasaurus palooza bill, it is possible to determine who in the name of expanded debt service might see a check from the Feds.
This is without any changes in the House, where the bill has yet to receive a vote and assuming the President signs whatever the legislature puts before him. All numbers are estimates based on the formulas currently in the legislation.
“Income is based on people’s tax filings for 2019, but if they have not filed for that year, then their filing for 2018 applies.”
Single filers get up to $1200.00 below an adjusted gross income (AGI) of more than $75,000.00. The $1200.00 decreases as AGI’s rise with those reporting $99K or more in this category receiving 0.00 in this bill.
Couples filing jointly can get up to $2400.00 with an AGI below $150,000.00/ year plus $500.00 per dependent child. That sum decreases as reported incomes rise with those reporting AGI of $198,000.00 or more in this category receiving 0.00.
Filing as head of household nets you $1200.00 plus $500.00 per dependent child for AGI below $112,000.00. As with the previous categories this declines as AGI rises. See the graph above to guess where you may fall.
If signed into law (as is) payments will be made between the date of passage and Dec 31, 2020.
They will be made via direct deposit to an account that the person has authorized for tax refunds or federal payments on or after Jan. 1, 2018.
Notice will be sent to the person’s last known address within 15 days of payment informing them of the method and amount of payment. A phone number will also be provided so people can call the IRS in the event they did not receive it.
For additional details please review the source article linked below.
| Fox News