How Will the Stimulus Package Affect Individuals?

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After days of back and forth, the $2 trillion stimulus package was approved, including individual checks for Americans. There are a few caveats to receiving the money, or course. An adult will receive $1200, and each child will receive $500. There is no stated cap on the number of children as far as we know. To qualify for the full amount a single adult must make less than $75,000 per year, or a couple must make less than $150,000 annually. If you make more than this you will still get a partial payout. There are caps, if a single person makes more than $100,000 or a couple makes more than $200,000 they do not qualify. You do not need to file anything extra. As long as you have filed for taxes in the 2018 or 2019 the IRS already has the information they need.

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