Here’s how much money you’ll get in your next stimulus check

Last week, Congress passed a COVID-19 relief package that included $600 payments for most Americans. While a push from President Donald Trump for $2,000 payments has passed through the House, the Senate has not voted on the measure.Although there’s uncertainty concerning the larger stimulus payments, Treasury Secretary Steven Mnuchin said direct deposit $600 payments started as early as Tuesday night and will continue throughout the course of the next week. Paper checks will start to go out Wednesday.So how much money can you expect?First, keep in mind that stimulus payments are based on your 2019 income. The simple answer is if you make less than $75,000 as an individual or $150,000 as a couple, you’ll receive the full $600 payment.But what if you make more than that? Any individuals making more than $87,000 or married couples with income greater than $174,000 won’t receive any payment. If you’re in between that, here’s how it breaks down. According to the formula in the bill, stimulus payments decrease by $5 for every $100 earned beyond $75,000 for individuals. For married couples, stimulus payments decrease at the same rate. Anyone who files as head of household will get the full payment if they earn up to $112,500 and their payments will decrease to zero if they earn more than $124,500. Eligible families with children will also receive up to $600 for each qualifying child.

Last week, Congress passed a COVID-19 relief package that included $600 payments for most Americans. While a push from President Donald Trump for $2,000 payments has passed through the House, the Senate has not voted on the measure.

Although there’s uncertainty concerning the larger stimulus payments, Treasury Secretary Steven Mnuchin said direct deposit $600 payments started as early as Tuesday night and will continue throughout the course of the next week. Paper checks will start to go out Wednesday.

So how much money can you expect?

First, keep in mind that stimulus payments are based on your 2019 income.

The simple answer is if you make less than $75,000 as an individual or $150,000 as a couple, you’ll receive the full $600 payment.

But what if you make more than that?

Any individuals making more than $87,000 or married couples with income greater than $174,000 won’t receive any payment.

If you’re in between that, here’s how it breaks down.

According to the formula in the bill, stimulus payments decrease by $5 for every $100 earned beyond $75,000 for individuals.

For married couples, stimulus payments decrease at the same rate.

Anyone who files as head of household will get the full payment if they earn up to $112,500 and their payments will decrease to zero if they earn more than $124,500.

Eligible families with children will also receive up to $600 for each qualifying child.

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