According to reports from Fox News, all Americans are eligible for the stimulus package, except nonresident aliens and “those who can be used as the basis for deductions for another person.” However, individuals filing who earn $99,000 or more will likely receive zero, the report explains.
The payments will be made no later than Dec. 31, 2020, and “as rapidly as possible,” according to the bill.
Payments will be made via direct deposit that the person has authorized for tax refunds or federal payments on or after Jan. 1, 2018.
A notice will be sent to the person’s last known address within 15 days of payment.
Couples who file a joint tax return are eligible to receive up to $2,400, plus and an additional $500 per child.
A person who files as head of the household is eligible to receive $1,200, plus and additional $500 per child.
Persons filing individually are eligible to receive up to $1,200, but that will decrease depending on your yearly income. Those who earn a gross income of $75,000 a year may receive a decreased amount.
Individuals filing who earn $99,000 or more, will likely receive zero, according to Fox News.
More from Fox News:
Couples who file a joint tax return are eligible for a payment of up to $2,400, plus and additional $500 per child. However, that amount decreases for couples whose adjusted gross income is more than $150,000 in a year at the same rate of 5 percent of every dollar above that mark.
This translates to less money the more people make, with it being reduced to zero for joint filers without children who earn $198,000 or more.
People who file as heads of households are eligible for payments of up to $1,200, but that amount is increased by $500 per child. That amount is reduced for people who earn an adjusted gross income of more than $112,000 a year. The extent to which it is decreased, of course, depends on how many children they have, as illustrated by the chart above.
The following chart, courtesy of the Tax Foundation, illustrates how it all works.
— Advertisement —
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.
“[I]f the individual has not filed a tax return for such individual’s first taxable year beginning in 2018,” the bill says, the information should be used for 2019 provided in their SSA-1099 or RRB-1099 Social Security Benefit Statements.