As you’ve read by now, lawmakers have struck a $2 trillion (yes, trillion with a T) deal very early yesterday morning that includes sending checks directly to individuals. All of the news sources have shared that single Americans would receive $1,200, married couples would receive $2,400, and parents would receive an additional $500 for every child under age 17.  We’ve also learned that the payment sums will decline in line with one’s adjusted gross income.  The full payment will only go to those whose adjusted gross income is $75,000 and less for an individual ($150,000 for a couple). If an individual makes more than $99,000 ($198,000 couple), no money will be provided.

While all of the answers to the many questions aren’t out there yet, we’ve done our best to answer some questions for you here:

Q.  How will they determine someone’s adjusted gross income?

If your 2019 taxes have been filed, they will use those. If not, they will look at 2018. If you haven’t filed those, they may use your 2019 Social Security statement. However, it is anticipated that your calculated income will be reconciled with any adjustments in income after reviewing your 2020 income.

Q.  Who gets the child’s payment in a joint custody situation?

The IRS will likely look at who claimed the child on his/her 2019 taxes. If the child was not claimed in 2019, they likely look at 2018 filings.

Q.  How will I get notice of the amount of money I am receiving?

Within 15 days after a payment is distributed, a notice will be sent to your last known address relating how the payment was made, the amount of the payment and who to contact if you do not receive it.

Q.  When will I get money?

Most resources are saying money won’ t actually go out until mid-April, possibly May.

Q.  How will I get the money?

If you’ve filed taxes electronically and authorized an account to receive a tax refund on or after January 1, 2018, your check can be automatically deposited into your account. If you’ve change banking accounts since your last filing or have always filed paper, you’ll likely have to wait for a paper check to come in the mail.

 Q.  What if I don’t usually file a tax return?

The IRS may have to request that information from the Social Security Administration or Veterans Affairs. In 2008, those people were required to file a return anyway in order to get their rebate.

Q.  If my tax returns are garnished, will this be garnished as well?

No.