$600+ Stimulus Money Hitting Your Bank Account Next Week

How much will you get and when? The Biggest economic relief package in modern U.S. history is Explained.

Congress passed another $1 Trillion Stimulus Bill to help address the economic crisis caused by the coronavirus pandemic and with hopes you'll spend money and help the economy!.Americans can expect a direct deposit cash payments directly to their bank accounts by next week. Most individuals can expect $600 per adult and $600 per child.

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Make less than $75,000 per year?

If you make $75,000 or less as an individual or less than $150,000 a year as a couple you will get money. Individuals are eligible for up to $600 and couples would receive up to $1200 — plus $600 per child 17 years old. A family of four (2 adults 2 kids) can expect $2,400. Kids over 17 who are claimed as dependents on their parents taxes are not eligible. However, talk with your accountant because if they file as independent for their 2020 tax returns they MAY qualify for a recovery rebate credit!

Make MORE than $75,000 per year? 

The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $87,000 would not receive anything, as well as $174000 for couples.

How do they know my income?

Your Income is based on 2019 or 2018 tax returns (whichever you did last).

How do they know where to send my money?

The IRS will send you a direct deposit to your bank account that you have on file with the IRS for your tax payments or refunds. If you don't have a bank account on file they will mail you a check or prepaid debit card.

When can I expect the money?

The White House has said they hope to begin distributing cash quickly. Most Americans will be receiving their money by early next week before New Years!

for more information on what the U.S. is doing to help its citizens during the Coronavirus, you can read official information here.

- Melissa