#happylife: How and when you will benefit from the stimulus package
The coronavirus pandemic is probably sending a shockwave through your finances.
A stimulus package is likely to pass the House on Friday and that could put money in your pocket. But, how much and when is not cut and dry.
How much money will you get?
The base amount is $1,200 and you will get an additional $500 for each dependent child, CNN reports. However, that base amount goes down if you make more than $75,000 per year, eventually hitting zero for a $99,000 salary.
When will you get that money?
You need to have filed a tax return to get it soon. The IRS will get this information from your 2019 return if you have filed. Otherwise, it will look at your 2018 return.
If you haven’t filed, you can still do it now. If you don’t, you may have to wait until next year to get your money.
So, when is that check coming? It’s not exactly clear. President Trump has said he wants checks delivered within a few weeks.
Back in 2008, the IRS took a couple of months to get stimulus checks in the mail. Those with direct deposit for their tax returns may get their money a little sooner.
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