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Protecting the most important person to your family, You!
Published: March 26, 2020
How much of a stimulus check am I going to get under the CARES Act?
Please see the end of this to see how children are added into it.
First, it depends if you have filed your 2019 tax return yet. If so, then the IRS will use your 2019 return, if not, then the IRS will use your 2018 return.
Second, you must qualify. In order to qualify,(a) you must have reported at least $2,500, OR (b) you must have owed the federal government at least more than $0 AND your adjusted gross income had to be more than the standard deduction ($12,200 for an individual, $24,400 for married filing jointly). Adjusted gross income is the top line number on your tax return, how much you made overall.
Third, your stimulus check will be the lesser of the following: (a) $1,200 per individual (so $2,400 if married and you filed jointly), OR (b) whatever you owed in federal taxes but not less than $600 (or $1,200 if married and you filed jointly).
Fourth, the full stimulus amount is paid to individuals who reported less than $75,000 in adjusted gross income or $150,000 for married couples that filed jointly. If you earned more than those numbers, for every $100 more that you earned above $75,000 or $150,000, you will lose $5 from your check.
For example, let’s assume a married, filing jointly, couple’s 2019 tax return reports an adjusted gross income of $152,400. That means the couple earned $2,400 more than the maximum amount. That means the couple loses $5 for every $100 dollars they are over the $150,000 number. So $2,400 divided by $100 = 24. So now multiply 24 by $5 = $120.
So, the couple’s $2,400 stimulus check will be reduced by $120, meaning they will receive $$2,280 instead of the full $2,400.
And finally, these kids! Each child that you claimed will result in an additional $500 per child. So a married couple that made $150,000 or less will likely receive a stimulus check $4,400. Once codified (signed into law), you can find it at: 26 USC Title 26, Subtitle F, Chapter 65, Subchapter B, Section 6428.2020, et al.
However, if you want to find it now, here is the link to the Bill (not yet let law) version as passed by the Senate: https://www.congress.gov/1…/bills/s3548/BILLS-116s3548is.pdf (starting on page 35 of the PDF)