As the coronavirus (COVID-19) pandemic continues to batter the economy — prompting the stock market to plummet and unemployment claims to spike — the U.S. federal government is throwing taxpayers a life raft in the form of stimulus checks.
Congress has passed a $2 trillion relief bill that aims to provide emergency assistance to individuals, families, and businesses affected by the coronavirus pandemic, including one-time payments made to individuals. The amount of money you can expect to see from Uncle Sam, though, is based on several factors, ranging from how much money you make to how many children you have.
Do you know how much your stimulus check should be? It’s based on several factors.
The amount of your stimulus check is based on your adjusted gross income, as well as how many children under the age of 17 you have. Here’s how the one-time, non-taxable payments break down:
Up to $1,200 per adult
Up to $2,400 for couples filing joint returns
$500 per child under the age of 17
Source: Magnify Money