The Stimulus Package 2020. What is it and do you actually need it?

Ayyyeee… What’s Goodie everyone and Happy Friday everyone. So the Senate and House of Representatives signed the biggest stimulus package bill. This is considered good news. But is it really?

The Stimulus Package was signed by the House of Representatives and the Senate March 26, 2020 and was signed by Donald Trump. The Stimulus Package is a bailout bill for individuals, healthcare and corporations impacted by the Coronavirus outbreak. The bill is also bipartisan which means the bill was agreed upon by both parties.
Most adults will get $1,200, although some would get less. For every qualifying child age 16 or under, the payment will be an additional $500.

There will be one payment per household. Future bills could order up additional payments.

How will you know if you will get the full amount?
It depends on your income. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount. Married couples with no children earning $150,000 or less will receive a total of $2,400. And taxpayers filing as head of household will get the full payment if they earned $112,500 or less.

Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000. According to the Senate Finance Committee, a family with two children will no longer be eligible for any payments if its income surpassed $218,000.

You can’t get a payment if someone claims you as a dependent, even if you’re an adult. In any given family and in most instances, everyone must have a valid Social Security number in order to be eligible. There is an exception for members of the military.

You can find your adjusted gross income on Line 8b of the 2019 1040 federal tax return.

Do college students get anything? Not if anyone claims them as a dependent on a tax return. Usually, students under the age of 24 are dependents in the eyes of the taxing authorities if a parent pays for at least half of their expenses.

What year’s income should I be looking at? 2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income to see what an employer reported to the I.R.S.

What if you’re a part-time worker who lost a job because of a coronavirus reason, but my state doesn’t cover part-time workers? Are you still eligible? Yes. Part-time workers are eligible for benefits, but the benefit amount and how long benefits will last depend on your state. They are also eligible for the additional $600 weekly benefit.

What if you have Covid-19 or need to care for a family member who has it?If you’ve received a diagnosis, are experiencing symptoms or are seeking a diagnosis and you’re unemployed, partly unemployed or cannot work as a result you will be covered. The same goes if you must care for a member of your family or household who has received a diagnosis.

What if your child’s school or day care shut down? If you rely on a school, a day care or another facility to care for a child, elderly parent or another household member so that you can work and that facility has been shut down because of coronavirus you are eligible.

Will update this article.

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