The IRS has begun to distribute stimulus checks of up to $1,200 to millions of Americans.
The checks are designed to provide a cash infusion to most Americans and revive the economy amid the coronavirus crisis. The recovery package also includes loans, grants and tax breaks for businesses also reeling from the economic fallout caused by the pandemic.
Under the new stimulus law, individuals with an adjusted gross income of $75,000 or less are eligible for a one-time payment of up to $1,200 and $500 for each qualifying child. Those with little or no tax liability also will get $1,200 . The payments start to phase out for Americans who earn more than $75,000, or $150,000 for a joint return. The payments phase out completely for single filers with incomes exceeding $99,000, $136,500 for head of household filers with one child and $198,000 for joint filers with no children.
Not everyone is eligible for a stimulus check. Those who will be left out include many students, some elderly and disabled people and immigrants who don’t have a Social Security number. Parents of babies born in 2020 will have to wait until next year to get the per-child rebate since the payments are based on tax returns filed in either 2018 or 2019.
Low-income individuals who didn’t need to file a tax return the past two years because they earned less than $12,000 will be eligible for a stimulus check. But they will need to provide the IRS with some information so the agency can calculate their rebate and know where to send it.
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