AUSTIN, Texas — President Donald Trump signed a $2 trillion relief bill just hours after it was passed by the U.S. House of Representatives Friday.
Many of you have questions about the payments most Americans will get, so KVUE turned to U.S. Rep. Lloyd Doggett (D-Austin), legislative staffers and The Cares Act to find answers.
Q: Many Americans will receive payments of $1,200, but will people have to pay that money back?
A: No. KVUE News spoke with U.S. Representative Lloyd Doggett (D-Austin), who is on the committee that oversees the IRS, and legislative staffers who say because this is an unprecedented event, Americans will not have to pay this money back and it won't impact future tax refunds.
Q: Who will get a check? Will veterans and the disabled get payments?
A: Every adult with a social security number and falls into the income brackets will get a payment.
Individuals who earn $75,000 or less will get a direct payment of $1,200. Married couples who make $150,000 or less will get $2,400. Parents get an additional $500 per child for kids 17 years old or younger. The payment amount decreases as income increases. Individuals who earn $99,000 and couples who make $198,000 with no children won't get anything.
Q: How will the IRS determine how much money each person will get and what happens if your income has changed?
A: Ideally, the IRS will use the income data from your 2019 tax return. If you haven't filed yet, agents will use your 2018 return.
If you earned so much money in 2018 that you didn't qualify for the full $1,200 payment and instead got a lesser amount, but in 2019 you earned less money or had a baby that wasn't on your 2018 return, the IRS will send you a supplemental check once your 2019 data is available.
On the flip side, if you made more money in 2019, but still received the full $1,200 payment, you won't have to pay any of the money back.
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