Most People Will Get $600 under the New Stimulus Package
By Doug Whiteman
Washington: Following Washington bickering and gamesmanship that dragged on through the spring, summer and fall, Congress finally approved new direct payments to Americans, to help households and the economy weather the financial fallout from COVID-19.
The bill was signed Sunday night, and the IRS says it has already begun distributing the money. What's the amount most people will receive? $600 — half the $1,200 per person Americans got the first time. Democrats and President Donald Trump have been pushing this week to raise the amount to $2,000, but that proposal appears likely to die in the Republican-led US Senate.
You could receive the money very shortly: The IRS expected direct deposits to begin Tuesday night and continue into next week. Paper checks were supposed to start going into the mail on Wednesday.
The tax agency says in a news release that payments are automatic for eligible taxpayers including: anyone who filed a 2019 return; Social Security recipients; and Veterans Affairs beneficiaries who didn't file a tax return.
The money phases out for taxpayers with adjusted gross income over $75,000 for individuals and $150,000 for married couples who file jointly.
Americans have been eager for another relief payment. A survey from the US Bureau of Labor Statistics found that close to 60% used their first checks to cover basic expenses like groceries and utility bills.
Some also invested the cash, the survey said, or used it for other, unspecified things. Those may have included buying affordable life insurance— sales of life insurance policies have surged this year amid the pandemic… – MoneyWise
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