The government is giving away $1000s in free government grants to Americans because of the pandemic. The amount you get depends on your adjusted gross income. This is the amount of money you made minus your deductions on your tax return.
- A single adult who makes as much as $75,000 will get $1,200.
- A head of household who makes as much as $112,500 will get $1,200.
- A married couple who makes as much as $150,000 will get $2,400.
Do you have kids? The government will add $500 to your stimulus check for each kid younger than 17. Keep in mind that you still have to meet the income requirements.
Do you make more money than the numbers above? That’s ok. You can still get a stimulus check from the government. It will just be lower than the full amount. For every $100 extra that you made over the limit, the government will subtract $5 from your stimulus check amount.
The good news is you don’t have to pay taxes on your stimulus check.