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Do you qualify for a stimulus check in Senate’s coronavirus response bill?

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Fox News

One
of the cornerstones of the Senate coronavirus stimulus package is the
direct payment of money from the federal government to American
individuals and families. In the middle of the bill’s hundreds of
pages are details regarding exactly who can expect to receive money
and how much they can expect. Here is a breakdown. Who is eligible?
The bill makes clear that everyone is eligible except for nonresident
aliens and those who can be used as the basis for deductions for
another person. “Seniors, veterans, the unemployed and
low-income Americans would be eligible too,” Senate Finance
Committee Chairman Chuck Grassley said Wednesday. The bill text
indicates those who receive social security can collect checks: For
those not required to file 2018 or 2019 tax returns because of social
security benefits, tax returns aren’t required to claim the money
— the government can use information from a Form SSA-1099, Social
Security Benefit Statement, or Form RRB-1099, Social Security
Equivalent Benefit Statement. With that in mind, here is how much
people can expect to get.

People
filing individually People who file their taxes as individuals are
eligible for payments up to $1,200, but that decreases for people who
earn an adjusted gross income of more than $75,000 a year. The bill
says that the payment is reduced by five percent of every dollar
above that mark, or $50 for every $1,000 above $75,000. What that
ultimately means is that for people who make more than $75,000 the
payment is less the higher their earnings are, with it being reduced
to zero for those who make $99,000 or more.

People
filing jointly Couples who file a joint tax return are eligible for a
payment of up to $2,400, plus and additional $500 per child. However,
that amount decreases for couples whose adjusted gross income is more
than $150,000 in a year at the same rate of 5 percent of every dollar
above that mark. This translates to less money the more people make,
with it being reduced to zero for joint filers without children who
earn $198,000 or more.

READ MORE AT FOX NEWS



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