A new stimulus check?

Congress as of December 21st, is poised to pass a new stimulus bill but, what does that mean for the average person? Per information obtained through the Wall Street Journal, households will get $600 per adult and $600 per child. The phaseouts are listed below based on your 2019 tax filing status:

Filing Status Income Phaseout

Single $75,000

Head of Household $112,500

Married  $150,000

The other important note, is that this check as well as the last one will not have to be paid back. The Wall Street Journal states that these payments will not be taxable, even if you have received the payment and go over the income threshold in 2020.

If you have any questions on the new stimulus bill please feel free to contact us at michael@accountingpersonalized.com