CEDAR RAPIDS, Iowa (KCRG) - With the Senate passing a $2 trillion federal stimulus bill late Wednesday by a 96-0 vote, many people want to know the parameters of the payments.
The U.S. Senate passed a $2 trillion stimulus response to the coronavirus situation on Wednesday with a 96-0 vote.
Here is what we've found.
Most Americans will get checks, or direct deposits, during this. It could be as soon as the first week of April, likely later in the month. In 2008, the stimulus payments took about two months for people to receive.
If a person made $75,000 AGI (adjusted gross income) or less on their 2019 tax return (or their 2018 return if they haven’t filed for 2019), they’ll get the full $1,200. If they have children they claim as dependents, they could get more
I went through a Washington Post article, which included an excellent calculator to enter various scenarios.
If a single person made $75,000-$95,000 on the AGI in 2019, it tapers off:
80,000 = $950
85,000 = $700
90,000 = $450
95,000 = $200
99,000 = $0
If a couple with two children has a combined AGI of:
Less than 150,000 = $3,400
175,000 = $2,150
200,000 = $900
210,000 = $400
218,000 = $0
In Iowa, our per capita income is about $31,000.
A couple with:
$62,000 (2 x 1,200) with 2 children (2 X $500) = $3,400
A single parent with any income under $75,000:
$0-75,000 (1200) with 1 child (500) = $1,700
$0-75,000 (1200) with 3 children (2 x $500) = $2,700
Social Security/retirees and those on disability are eligible for a stimulus payment – the same way they’ll receive their Social Security payment, according to axios.com. That would qualify for a $1,200 payment.
There is a “hole” in this plan for people who lost their jobs:
- A person who made $100,000 no kids in 2019 but LOST their job this year gets nothing in this round.
- A couple with two kids, making $218,000 but who LOST their jobs this year gets nothing in this round.