Taxpayers making $75,000 and
below will receive a $1,200 check. Married couples making
$150,000 and below will receive $2,400. Individuals and couples under this
earnings cap would also receive $500 per child. “For the vast majority of
Americans, no action on their part will be required in order to receive a
rebate check,” according to the bill analysis from Grassley’s office.

The money does not count as
taxable income. A Republican Finance Committee aide said
also said people filing as “head of household” on their taxes – meaning they
are unmarried, have children or dependents and pay more than half of their
household expenses — will get the $1,200 check if making $112,500 and below.

The earnings threshold is
measured by adjusted gross income. That is,
gross income, minus deductions. (The adjusted gross income number is on Box 7
in a person’s 1040 form.)

Those receiving Social Security
benefits will be eligible, according to an analysis of the bill from Sen. Charles Grassley, a
Republican from Iowa. Green card holders, in addition to citizens, qualify for
the check, the Republican Finance Committee aide noted.

The checks phase out for
incomes above $75,000 a year. That’s capped for individuals making
above $99,000 a year. For married couples, income of $198,000 a year is the cap
and, for people filing as the head of household, it’s $146,500 a year,
according to the analysis from Grassley’s office.

The IRS will transmit the
payment via a direct deposit. It will use the
bank-account information from the taxpayer’s 2018 or 2019 return. Tax
season for the 2019 return is open until July 15. The Treasury Department
pushed back both the income tax payment
and filing deadlines from April 15 to July 15 to free up cash
individuals and businesses might need now.