Coronavirus money: How much could you receive from historic stimulus?

Coronavirus

TAMPA, Fla. (WFLA) – A historic stimulus package could put money in your pocket, but how much?

It’s important to note that while most Americans will receive some money, not everyone will. Here are some of the top questions sent in to News Channel 8.


WHAT TO KNOW:

  • Florida is reporting 47,471 cases and 2,069 deaths
  • Florida K-12 schools will remain online/distance learning through the end of the school year
  • Florida in Phase One of reopening
  • Travelers from NY tri-state area and New Orleans coming to Florida must quarantine for 14 days

Who qualifies?

In order to receive the full amount, an individual must make no more than $75,000 in adjusted gross income, or $112,500 for heads of household — this is often single parents — for married couples, the cap is $150,000. .. then the payments start shrinking. You’re not eligible for any money if you make more than $99,000, or $198,000 for married couples.

What if I receive social security and/or don’t file a tax return because I earn too little? Do I I still qualify?

Yes, as long as your taxable income is within the limits, you qualify! Your payment would come the same way you receive your social security payment.

How does the government know if I should receive money and how much?

Payments are based on 2019 tax returns. If you haven’t filed yet, your 2018 return will be used.
Keep in mind, depending on your situation, you might want to file you 2019 return soon, to maximize how much money you’ll receive.

Tax experts say the payments could start being made in a couple of weeks but it could take a while to get money to everyone. Also, keep in mind that this stimulus is supposed to be based on 2020 taxable income, so if you income has drastically increased, you may end up owing some of this money back.

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