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Will you get money? Explaining stimulus checks

Posted at 8:40 PM, Mar 25, 2020
and last updated 2020-03-25 22:40:37-04

Note: The Senate Stimulus Bill will be a massive piece of legislation that is still being written by staffers in Washington D.C., so it’s possible our current understanding of provisions may differ from what ends up voted into law.

The 2 trillion dollar Senate Stimulus Bill will send a lot of money to Utah families if it passes.

Our latest understanding:

All calculations will be based on your federal adjusted gross income from your 2018 or 2019 taxes (whichever you filed last).

If you did not file taxes, but receive social security, you will likely qualify and get a check.

If you did not file taxes in the last two years for another reason, you may be in trouble. One of the Democratic negotiating points was to try to insure a check for Americans who made so little they didn’t bother to file a return, but that may not make it into the final bill.

For most of us, here’s the basic math you can do.

For yourself and (if applicable) your spouse, add $1,200 each.

For each child (if applicable) add $500.

If you are a single adult who made $75,000 or less adjusted gross income you will get the entire amount you added up.

If you are married and filing jointly, and you made $150,000 or less, you will get the entire amount you added up.

If you are a head of household who made $112,500 or less, you will get the entire amount you added up.

If you make more than those amounts…you have some more math.

The basics: subtract 5% of the amount you make over those limits ($75K or $150K) from the amount you added for the members of your household.

An example: You are single with one child.

You get $1,200 for yourself and $500 for your child, adding up to $1,700.

If you make $80,000, here’s your math:

$80,000 (your income) - $75,000 (maximum for full check) = $5,000.

$5,000 x .05 (5%) = $250

$1,700 - $250 = $1,450

The check you receive is $1,450.

Here are the examples and chart I used in the television story above: