- $1,200 one-time payment per adult (up to $75,000 in annual income for individuals and $150,000 for joint filers) and $500 per child.
- Payment amount is reduced by $5 for each $100 a taxpayer’s income exceeds the income threshold with complete phaseout at $99,000 for individuals and $198,000 for joint filers.
- Payments will be based on adjusted gross income from your 2018 tax filings, unless you have already filed your 2019 tax returns, in which case 2019 will be used to calculate payment level.
- You do not have to file 2019 taxes to get the payment. Deadline for 2019 taxes is extended to July 15, 2020, but payments will be processed in April regardless based on your last tax filing.
- If you have had a substantial DECREASE in your income in 2019, it may benefit you to file taxes before these payments are processed.
The Washington Post has provided this online calculator to determine how much each American can expect from this stimulus.