26 Mar Stimulus Checks: Here’s how much you can expect to receive
The White House and Senate leaders announced a $2 trillion pandemic response measure on Wednesday that includes sending checks directly to people across the country impacted by the coronavirus crisis.
The package provides one-time payments of $1,200 per adult and $500 per child under the age of 17. Married couples will receive $2,400.
However, payments phase out for individuals making more than $75,000. For every $100 you earn above the limit, payment drops by $5.
Individuals making more than $99,000 and couples making more than $198,000 will not qualify for a payment.
The amounts will be determined based on 2019 tax returns. If a 2019 tax return has not been filed, 2018 returns will be used.
Last week, a Treasury Department request to Capitol Hill outlined a start date of April 6 with a second batch of checks going out on May 18.
According to the Tax Policy Center, 90% of Americans will qualify for a payment.
When will I get my check?
Treasury Secretary Steven Mnuchin has said they hope to start issuing checks within three weeks, with the remainder of the checks to be mailed by the end of May. However, the stimulus bill does not provide a specific timeline for payment distributions.