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Congress has passed a $2 trillion coronavirus stimulus bill, and you’re probably already counting up the money you could receive in relief checks — if you’re eligible.
Generally, individuals who earn $75,000 or less qualify for $1,200 one-time payments, while couples making $150,000 or less may receive $2,400. Dependent children are eligible for $500 each.
But beware: There are caveats in the legislation that could make it harder for you to get the relief you need if your financial circumstances have recently changed.
That’s because the stimulus checks will go out based on your adjusted gross income for the 2019 tax year, if you have already filed your return. If not, the Treasury Department will use your 2018 return.
That may be little comfort to you if you earned above those thresholds in 2018 or 2019 and your work has suddenly disappeared because you have been furloughed or laid off.
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