Under the legislation, single Americans would receive a onetime payment of $1,200, married couples would get $2,400, and parents would see $500 for each child under age 17.
However, the payments would start to phase out for single individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for married couples. Gross income will be based on your 2019 tax return. If your 2019 return has not yet been filed, your 2018 tax information will be used.
According to the CARES Act proposal on Monday, payments phase out at a rate of $5 per every additional $100 in income starting at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly. For example, a single adult who earns $85,000 would get $700 (a decrease of $500 due to their higher income).
Some will receive nothing. A single, childless adult who earns more than $99,000 would get no money, and childless couples with $198,000 would also be phased out entirely.
Checks will be issued two ways. Direct deposit will be used if the IRS has your banking information in their system. Otherwise, individuals will receive a paper check in the mail. As of today, checks are estimated to arrive in mid-April.