Congress is getting ready to pass a $2.2 trillion economic stimulus package, which means most Americans will be getting direct payments within the next three weeks. Here's everything you need to know:
- Anyone who earns less than $75,000 will be eligible for a one-time payment of $1,200, or $2,400 for couples who file jointly and earn less than $150,000. An additional $500 will be paid for each child in the household - so a family four would get $3,400.
- Those who earn more than $75k per year will get decreased payments, down to zero for those who earn more than $99k. Qualifying income levels will be based on 2019 federal tax returns, if already filed, and otherwise on 2018 returns.
- When will we get our money? Within three weeks, according to Treasury Secretary Steven Mnuchin. As long as the IRS has your information, you won't need to apply or fill out any forms to get your payment.
- How will you get your money? You do not have to apply. If you have filed taxes in the last two years and the IRS has your direct deposit information, you'll get it that way. Otherwise, a check will be sent to whatever address the IRS has on file.
- This is non-taxable income!
More details will be released by the U.S. Treasury Department soon.