Here are some important highlights from the Senate bill that was passed late Wednesday night (3/25/2020):
How much will my stimulus check be? $1,200 ($2,400 for joint returns) plus $500 per child aged 16 and under
Will high-income earners receive a check? No. Income limits apply. To receive the full amount, filing statuses of single or married filing separately must have an income of $75,000 or less; head of household $112,500 or less; married filing jointly $150,000 or less. If you make more than the income ceiling, reduced amounts of the credit will be given.
How will the government determine who receives it? It's based on the 2019 return. If you have not filed for 2019, the IRS will use the 2018 return.
Will there be offsets? Yes. If you owe past-due child support, you will receive a letter that your stimulus check has been sent to the state for distribution to your child's other parent. If you owe money for past-due student loans, past-due state tax obligations, federal tax debt, or to any other federal agency, you WILL receive a check.
Who will not receive a check even if they filed a tax return for 2018 or 2019? Children who were listed on their parents' returns as dependents.
Is there a minimum income requirement? No. The only requirement is that you file a return.
Will this stimulus check need to be included as income for the 2020 tax year? No. The check is an advance refund of taxes deemed paid.
Will it need to be repaid? No.
For additional information click here [Source: Branch Law Firm]
Please stay safe,
D. Danielle Hoston Wrighster