Early Thursday morning, the U.S. Senate voted to approve a $2 trillion economic package that includes direct deposit or checks payments to millions of qualified Americans.
If you are a single person with no children and an adjusted income of $80,000, you'll likely receive a rebate of $950. Because the program is structured as a tax rebate, you won't have to pay income tax on it.
"Our expectation is within three weeks we will have direct payments out where we have depository information", Mnuchin told CNN.
"The last time the US government did anything like this, back in 2008", the Post reports, "the payments went out in batches and it took about eight weeks for the final people to receive their checks". The Washington Post has a calculator for estimating how much money your check should contain. Treasury Secretary Steven Mnuchin said Wednesday that the Trump administration plans to start sending payments to individuals within three weeks of the bill being signed into law, but a clear timeline hasn't yet been established. Early May is seemingly more realistic than that.
We'll know more as soon as the bill hits Trump's desk. If a 2019 tax return has not been filed, 2018 returns will be used.
If you're a single US resident and your adjusted gross income is $75,000 or less, you will get a $1,200 check from the USA government. "The main people excluded from receiving a payment are: the wealthy, nonresident aliens (i.e. foreigners who do not hold a green card), and "dependents" who can be claimed on someone else's tax return.", the Post reports. Despite this, Americans with incomes more than $75,000 would get less, and anyone making more than $99,000 would not qualify at all.
Filers who are the head of their household (usually single parents) and making up to $112,500 should see a full rebate.
Parents will also receive an additional $500 for each child. Reduced checks on a sliding scale are available for heads of household earning up to $136,500 annually. Previous editions of the package have allotted $500 per child under the age of 17.
Will I eventually have to give the money back?
The qualifying income levels will depend on 2019 federal tax returns if they've been already filed, or 2018 returns.
It has not been determined when the money will be sent to people.