As previously reported in a recent article, stimulus checks are coming, and they are apparently coming soon! A family of four would be eligible for a maximum refund of $3400. The amount of money and income guidelines are listed below (based on 2019 & 2018 tax returns).
- If you made < $75,000 = full payment $1,200
- Couples who filed jointly & made < $150,000 = full payment $2,400
- Head of household & made < $112,500 = full payment $2,400
- Every child in household = $500 each
- If you made > $75,000 = payment will be reduced by $5 for every $100 of income that exceeds the limits. (say you made $80,000 in 2019, you will receive $950)
- If you made > $99,000 or more = $0 payment
- Couple who filed jointly & made > $198,000 = $0 payment
Treasury Secretary, Steven Munchin says they checks will be sent out in three weeks to people whom the IRS has their information. (If you’ve been working and paying taxes since 2018 they have your information).
The money will be sent via direct deposits and physical checks mailed to the address the IRS has on file for you. If you have received a tax refund by direct deposit in the last two years, it will be sent by direct deposit. If you received any other method of payment in the last two years, it would be mailed to your last known address. If you have moved recently, you may want to contact the IRS to let them know your new address.
For more information & full details & the breakdown of the checks, visit nbcnews.com.