Now that we know Congress has passed the stimulus package and the President is set to sign it into law, what does that mean for all of us? Who is going to get that $1400 stimulus check? Is it you? Me? Well here's the deal. First up, how will the IRS determine if you're eligible. It's pretty simple. If you made $75,000 or less based on your last tax return, you will get the $1400 check. Or if you're married and you and your spouse have made $150,000 or less, then you'll get the check. However, in years past if you made more than that, the government would pro-rate the stimulus check and give people a partial payment. That will not happen this time. That cutoff is it. How do they know how much you've made? They check the last tax return you filed. If you haven't filed yet for 2020, they'll base it on your 2019 return. If you have filed, they'll base it on your 2020 return.
The other big question is how will you get the money? Well, if the IRS has your direct deposit bank account on file, it will just go right into your account. If they don't, you'll get either a paper check, or, and this is important, a pre-paid debit card. So when you get all the junk mail that has fake credit cards in it, you're going to have check each and every one, because one of them may actually be your stimulus payment.
And when will you get it? Well, no one has really said yet, but if it's like past stimulus checks, they'll start to go out about two to three weeks after the President signs the bill. So keep your eyes open in the coming weeks.
To find out more about the stimulus package, just click here for the complete breakdown.