Americans will soon receive $1,200 stimulus checks for each adult and $500 per child after the U.S. Senate unanimously passed a $2 trillion coronavirus relief bill Wednesday night.
The House of Representatives could pass a compromise bill as early as Friday before the bill heads to U.S. President Donald Trump to sign into law.
$1,200 Stimulus Check Details
In order to qualify for the full $1,200 stimulus payment, your adjusted gross income must be under $75,000 for individuals, $112,500 for Head of Household, or $150,000 for married couples.
The amount of the stimulus payment is reduced 5% of the amount above those income limits.
The stimulus check eligibility and amount will be calculated based on your 2019 tax return or 2018 tax return if you have not yet filed your 2019 tax return.
Retirees who receive Social Security or other adults who receive Supplemental Security Income will also qualify for stimulus payments.
Recipients must have a valid Social Security number and non-resident aliens do not qualify for the stimulus payments.
$1,200 Stimulus Payment Details
If you chose to have your income tax refund direct deposited on your 2019 or 2018 tax return, the stimulus payment will be direct deposited into your bank account.
If the IRS does not have your direct deposit information, you will receive a paper check in the mail.
When Will Stimulus Checks Come?
Assuming that Democrats do not hold the stimulus bill up in the House of Representatives and pass a compromise bill on Friday, stimulus payments could come as early as April, depending on how easily the IRS can determine your eligibility.