If all the alarming coronavirus headlines have your anxiety at an all-time high, here’s some good news: A highly anticipated stimulus package meant to provide financial relief to consumers and businesses struggling in the wake of the COVID-19 pandemic is ready to be set in motion.
Though the details of the plan have yet to be finalized and voted on, Congress has essentially agreed on the major provisions. The CARES Act, which lawmakers spent the past several days hashing out, includes a historic $2 trillion in relief funds.
But the big question on most people’s minds is whether they qualify for a cut of the money. Here’s a look at the plan, who qualifies and when you can expect to get paid.
Do I qualify for a coronavirus relief check?
The amount of money you may receive as part of this stimulus package is based on your adjusted gross income. If you already filed your federal taxes for 2019 (the deadline was extended to July 15), eligibility will be based on your AGI from that tax return. If you haven’t filed yet, the IRS will rely on information from your 2018 return or the Social Security Administration to determine eligibility.
Here’s the bad news: Not everyone will qualify for a relief check.
The maximum amount you can receive is $1,200, or if married filing jointly, $2,400 per couple. That amount phases out for single filers with an AGI between $75,000 and $99,000, joint filers with an AGI between $150,000 and $198,000 and heads of household with an AGI between $112,500 and $146,500.
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11 comments:
So I pay more taxes than 90% of my fellow citizens, but I don't qualify for a stimuls check?
Feel blessed, not shorted. At least that's how I look at it and I'm not receiving the funds. Honestly, there will be many still being paid without hiccup receiving this that I don't agree should. For those experiencing hardships, not pansies like you and me who are paid above average without miss.
9:08 Exactly, and don't forget the new tax hikes coming over the next 5 years for the 2.5 billion tax hike plan called kirwin... Oh and to make you even more happy, guess what the stimulus aka bailouts are going to and what they did with them??? It is going to the airlines and companies like it, and they already said they are giving their uppers massive pay raises!!!! PER STANDARD PROCEDURE!!! And you get nothing but more taxes, don't you love being a slave???? I mean you must, since you don't do shit about it and just complain!!!!
9:08
Let’s be real. You get enough tax breaks already.
This is a huge boondoggle. Watch as huge portions of this money is lost to fraud and waste. Example:
- Pentagon gets over $10 Billion, yet only around 2-3 Billion of it is going to National Guard response operations and research on vaccine/anti-virals. WHat else are they using the rest for???
- Corporations are getting 500 B in loans. Que? You just had the Fed drop interest to ZERO and print a boat load of cash. Corporations have liquid reserves, assets, insurance, shareholders, etc. They should be able to secure the resources they need without making Americans pay for it. If they fail, another corporation will readily swoop in to pick up the pieces. Perhaps they should consider selling off some of that stock that they bought back from those tax cuts that were supposed to lead to jobs. The only stimulus they need is to have the consumers get back out there and start spending. Watch as these corporations take out these loans, then down the line be given loan foregiveness.
- Small business funding to keep employees, including loans: why in the world would a small business take on more debt to pay for workers who are not able to sell a product or service???
This is just a tip of the iceberg. These are all pertinent questions that are not being asked because too many of you out there would rather blindly cheer for your respective party and candidates instead of thinking critically, asking the hard questions, and holding ALL elected officials accountable. Please don't bother with your juvenile "but but evil Pelosi and Dems did .....". Cut your crap. Both parties are guilty of fleecing America and they continue to do so because of YOU!
9:08 really , just reflects your greed.
I also pay more than 90% of other taxpayers. I consider myself lucky to be an American citizen and have that ability to pay those taxes to help others and our Country.
During the Great Depression, Heavyweight boxer James J. Braddock was forced to take loans from friends and was receiving unemployment benefits from the government. He was reportedly ashamed to have to do so but had a family to feed. When things got better for him he paid his loans back including what he took from the government. This is the type of character we need especially during times of troubles.
If and when Trump orders stimulus checks, all you people who screamed that he wasn’t your President better put “RETURN TO SENDER” on that piece of mail and put it in your mailbox with the flag up or call you bank and tell them to credit it back to the government.
1207 did you and your family do the same as jobs came back after the Obama stimulus? Did you return those 401k gains you got as the dow more than doubled under the Obama admin? You sound like a total idiot with your comment. I wish you clowns would understand that it is your job to defend american principles and hold all elected officials, no matter party affiliation, accountable. Maybe then you fools on both sides would stop claiming that "such and such is not my president"
Illegals are First in Line before any Americans !!! Fact
So if i owed federal taxes in 2018 and yes i paid it and then owe 2019 taxes how will i get the stimulus check in the mail or in my bank account
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