The $2 trillion stimulus bill is the largest emergency aid package ever established in the U.S., and its goal is to save an economy that has struggled mightily over the last several weeks, as the coronavirus has only expanded across the country.
The bill passed the Senate earlier this week and on Friday, the House of Representatives passed the bill. President Donald Trump then signed the bill into law on Friday, March 27, 2020.
Payments are expected to arrive by April 17.
So, here’s how it will work:
Individuals will receive a stimulus check based on the adjusted gross income on their 2018 and 2019 tax returns.
On the Internal Revenue Service (IRS) website, adjusted gross income is explained as the following:
“Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income. Adjustments to Income include such items as Educator expenses, Student loan interest, Alimony payments or contributions to a retirement account.”
“The AGI calculation is relatively straightforward. It is equal to the total income you report that’s subject to income tax—such as earnings from your job, self-employment, dividends and interest from a bank account—minus specific deductions, or “adjustments” that you’re eligible to take. Your AGI is calculated before you take the standard or itemized deductions —which you report in later sections of the return.”
Learn more, calculate your adjusted gross income, and determine your stimulus earningsHERE.
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