9 things to know about stimulus package negotiations

9 things to know about stimulus package negotiations
All of this could change as the final package is negotiated; however, this is where things stand now based on drafts of the legislation. (WFTV.com News Staff)

ORLANDO, Fla. — All of this could change as the final package is negotiated; however, this is where things stand now based on drafts of the legislation.

1. How much money?: $1,200 per adult and $500 for each of their children (final numbers could change).

2. Do I qualify?: People who make less than $75,000 a year or married couples who make less than $150,000 a year qualify. People who make more would still get some money, but the amounts decrease for incomes above $75,000 / $150,000. Caps on the maximum number of children is still being worked out.

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3. Caps?: Yes. A single person with no dependents who makes more than $100,000 would not qualify. A married couple with a combined income above $200,000 and no dependents would not qualify. These numbers change if person or couple has children.

4. Do I make too much?: The IRS will use the 2018 tax return if a person has not filed for the 2019 tax year yet. If a 2019 return has been filed, then that is the return that will be used.

5. How soon?: Perhaps as soon as early to mid-April.

6. What if I don’t File Taxes?: Almost half the population owes zero in taxes and it is estimated that about 12% of the total population simply doesn’t file. These people would need to file with the IRS to get a check. It is still being worked out whether seniors on Social Security will get a check or a bump in their Social Security.

7. How will they find me?: As of right now, you do not need to fill out any special forms or go on any website to qualify. If you have filed taxes, the IRS (Treasury) already knows how to find you.

8. Have we done this before?: Yes. Twice. In 2001 and in 2008 the Bush administration and Congress sent out checks to stimulate the economy. Those checks were between $300 and $600.

9. Did that work?: Not really. But the disruption to the economy in 2001 after the Sept. 11, 2001, terror attack and in 2008 amid the housing crisis that led to the Great Recession is not the same as the current pandemic-fueled crisis.