If your adjusted gross income is $75,000 or less, you'll receive one check of $1,200. If you and a spouse filed jointly, earning up to $150,000, you'll receive a check for $2,400. If you file as head of household, you'll get $2,400 if you earn $112,500 or less. That said, your check could be a little bigger if you have children. Parents will receive an extra $500 for each child under age 17.
What if your adjusted gross income is more than $75,000 per person? You may still get a check, but the amount decreases with higher incomes. If you earn more than $99,000 per person, you will not get a check.
If you already filed your 2019 federal taxes, qualifying income levels will be based on that. If you haven't gotten around to filing your taxes yet (the filing deadline has been extended until July 15), don't worry – the IRS will look at your 2018 returns.
For more information on The Cares Act go to our website yoursafemoneyshow.com at the financial materials page.
No comments:
Post a Comment