The Coronavirus Aid, Relief, and Economic Security Act (CARES) is what we would call phase three of the coronavirus bill. The CARES is the result of what the Trump administration is proposing to give Americans cash to ease the coronavirus pandemic.
For the most part, the details of the coronavirus stimulus package is certain. American adults will get $1,200 each and an extra of $500 for each dependent. There are of course phase-out limits that can make how much you’re going to get smaller. The phaseout is set by using the adjusted gross income, not your actual income. Below, you can see the phase-out for each filing status.
Coronavirus Stimulus Package Phase-Out
|Married Filing Jointly||$150,000|
|Head of Household||$112,500|
If your adjusted gross income is more than what seen above, the initial $1,200 and $500 amounts are going to be reduced. You can calculate how much you are likely to get by subtracting $5 for every $100 in addition to the phase-out limit.
Therefore, the plan phases out completely for singles with an AGI of $99,000 and $198,000 for joint filers. For example, A single person with an AGI of under $75,000 with no dependents can get $1,200. While a single person with an AGI of $95,000 would only get $200. This means a $1,000 cut in the benefit because of the AGI phase-out threshold.
Given both the Senate and the White House agrees on the stimulus, it shouldn’t take too long but as of now, the date is uncertain. Congress is currently in the debates of how the stimulus checks should be delivered rather than when.
As soon as “how” is cleared out, the dates should be announced soon. Once everything is certain, we will post how you can get your stimulus money from the government on our front page. Make sure to turn on your notifications so you can be one of the first ones to get the coronavirus stimulus check.