9 things you need to know about the $2 trillion stimulus deal

9 things you need to know about the $2 trillion stimulus deal
(WFTV.com News Staff)

ORLANDO, Fla. — The White House reached a deal overnight with lawmakers on a $2 trillion stimulus package amid the coronavirus pandemic.

Here are 9 things you should know about the deal.

  1. How much money? - $1,200 per adult and $500 for each of their children.
  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.
  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 2019 yet. If 2019 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 if 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. The 2001 checks were sent out just months before the attacks of 9/11. The 2008 checks went out amid the housing crisis. These circumstances are not the same as the current crisis due to a pandemic.