WASHINGTON — Congress is poised to pass one of the largest economic relief bills in history on Monday. New forms of direct payments will be issued to millions Americans under the bill, assuming it passes and is signed by President Donald Trump.
HOW MUCH WILL YOU GET?
The IRS will issue checks based on your AGI or adjusted gross income. The information will come from your latest tax return which for most Americans is the 2019 calendar year.
If you earn $75,000 a year or less, you'll receive $600. If you earn between $75,000 and $87,000 a year, the amount will be prorated. The more your make, the less you'll get until you hit that $87,000 threshold. Earners over that amount will not receive any money.
Head of households will be able to earn up to $112,000 a year and still be eligible for a check.
Couples who file their taxes jointly will earn similar levels to those who file individually. For instance, a couple who earns $150,000 or less a year will receive $1,200. Couples who earn between $150,000 and $174,000 will receive less than $1,200.
Those with dependents, such as a child, will earn $600 per child. That's actually $100 more than what dependents received earlier this year.
WHEN WILL CHECKS BE SENT?
Secretary of the Treasury Steven Mnuchin said as soon as Congress approves the deal, he'll be able to begin depositing checks within a week.
Those with direct deposit on file with the IRS will receive their money first. Paper checks will take longer.