How much money will you get from the $2 trillion stimulus relief plan?

Posted at 4:06 PM, Mar 27, 2020
and last updated 2020-03-27 19:12:07-04

If your family meets the income qualifications outlined in the $2 trillion stimulus relief plan, a typical family of four is looking at getting a $3,400 rebate check from the federal government. That's $2,400 for a married couple and $500 for each dependent child.

How much you get does depend on how much money you make. It's based on the most recent tax return data the IRS has from you. So either 2018 or 2019, if you already filed your taxes.

Those eligible for the full amount include singles earning $75,000 or less. They qualify to receive a $1,200 rebate check. Married couples who earned up to $150,000 would get $2,400. As income goes up, the payment amount goes down, dropping $5 for every $100 of income over those limits.

High-income individuals or couples won't get a check at all. That means individuals earning more than $99,000 and married couples earning more than $198,000.

However, if you have kids under 17, you will receive $500 for each child.

When can you expect the money to come? The White House has said as early as three weeks, but other financial experts have said realistically, it could be a month or longer.

If the IRS has your direct deposit details, meaning that's how you received your recent refund, your check will come via direct deposit to your bank account. Otherwise, the IRS will send a paper check in the mail, and that might take longer.

If you still aren't sure how much you or your family qualify for under this plan, click on this link to use a stimulus check calculator.

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