What To Expect From The 2020 Coronavirus Stimulus Plan
The White House's coronavirus stimulus plan could see every American get two $1,000 checks from the government within nine weeks, Treasury Secretary Steve Mnuchin said Thursday in Washington. The first check could arrive within in three weeks.
The $1 trillion package the White House and Senate Republicans plan on presenting would provide every adult American with a $1,000 check, plus another $500 for each child. A family with two parents and two children, for example, would get $3,000.
How to Get a 2020 Stimulus Check:
With previous stimulus checks, you needed to file a tax return in the prior year. For example, you had to file a tax return for the 2007 tax return to get a stimulus check for the 2008 program.
There were also annual income limits that began to reduce the check amount for high-income households. The income phaseout was $75,000 for the 2008 checks. It appears this check will have a similar income limitation but the official threshold isn’t determined yet. One proposal has a $65,000 annual income limit.
If you haven’t already, file your federal tax return for the 2019 tax year if you can. This information might be how the government decides who qualifies for a stimulus check. It also gets you a refund if you’re due one. Qualifying households can begin receiving their checks soon after the measure becomes law. The Trump administration’s goal is to start distributing checks within two weeks of signing the stimulus measure into law.
However, it may take several weeks longer before households begin receiving their check. For example, it took two months to start distributing the stimulus checks in 2008.
You will likely be able to receive your check by direct deposit or in the mail.
The quickest delivery method is receiving your stimulus funds by direct deposit. The IRS may likely use the same bank information you provided with your most recent tax refund.