The $2 trillion aid package being debated and voted on in Washington includes items aimed at alleviating the loses from the coronavirus pandemic on businesses and individuals.
There will be a one-time payment of $1,200 to all adults making $75,000 or less based on their adjusted gross income in their 2018 tax return. For those who filed jointly, the income threshold is $150,000. For those who file as head of household, the income threshold is $112,500.
Others could still qualify for a stimulus payment. The payments would decrease by $5 for each $100 above the threshold. Payments for single filers would phase out entirely at $99,000, joint filers would phase out at $198,000 and head of household filers would phase out at $136,500. An additional $500 would be sent for every child in a qualifying household.
Based on IRS' 2017 income tax data, an estimated 66% percent of the 1.5 million returns filed by Long Islanders would qualify for the full $1,200 or $2,400 for payments. An additional 18% Long Island filers could receive full or partial payments. In total, this stimulus could send money to 1.27 million Long Islander filers.
How will I receive it?
If the IRS has your bank account information on file, they will attempt a direct deposit. If the deposit fails, or there is no account on file, they will attempt to mail it.
When will I receive it?
Treasury Secretary Steven Mnuchin has said that they expect to begin issuing payments within three weeks of the stimulus package being signed into law.
To calculate how much money you'll get back, click here.