COVID-19 Outbreak (Update: More than 2.9M cases and 132,313 deaths in US)

"People who file their taxes as individuals are eligible for payments up to $1,200, but that decreases for people who earn an adjusted gross income of more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000."

"Income is based on people's tax filings for 2019, but if they have not filed for that year, then their filing for 2018 applies."

"Payments, according to the bill, will be made “as rapidly as possible” and no later than Dec. 31, 2020. They will be made via direct deposit to an account that the person has authorized for tax refunds or federal payments on or after Jan. 1, 2018."

"Notice will be sent to the person’s last known address within 15 days of payment informing them of the method and amount of payment. A phone number will also be provided so people can call the IRS in the event they did not receive it."




https://www.foxnews.com/politics/do...us-check-in-senates-coronavirus-response-bill