U S Government Stimulas Checks

[Anonymous]

For married filing jointly, will the Couples Stimulus Checks be determined by our AGI or Taxable Income?

Also, would one lump amount be sent for my wife & myself, or do we each get separate checks/deposits?

[xmasbaby0]

The questions about “stimulus checks”began after a press conference that just happened on 3-17-2020. At this moment the Senate is still trying to come to a vote.  When they finally do that, the bill has to be passed by the House of Representatives and then the President has to sign the bill into law.  That is how federal laws are enacted.  Until those things happen—anything you are reading or hearing is just guesses and conjecture. As soon as there is factual information we will try to provide it on this site.  We cannot tell you if you will get a check, when you will get a check or how much it will be for or how they will figure out how to get it to you.  No one knows yet.

https://ttlc.intuit.com/community/tax-topics/help/how-are-my-taxes-affected-by-covid-19/00/1330402

[NCperson]

while the law has not been passed, here is the actual language that the Senate will be voting on.  It's not as simple as "every adult gets $1200 and there is an additional $600' for every child, no strings attached" This is why it is best just to wait for the details to be explained. 

https://www.govtrack.us/congress/bills/116/s3548/text

428. 2020 Recovery Rebates for individuals

(a) In general In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the lesser of— (1) net income tax liability, or (2) $1,200 ($2,400 in the case of a joint return). (b) Special rules (1) In general In the case of a taxpayer described in paragraph (2)— (A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return), and  (B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer. (2) Taxpayer described

A taxpayer is described in this paragraph if the taxpayer—

(A) has qualifying income of at least $2,500, or (B) has— (i) net income tax liability which is greater than zero, and (ii) gross income which is greater than the basic standard deduction. (c) Treatment of credit

The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1.

(d) Limitation based on adjusted gross income

The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).

[Anonymous]

My apologies, from a CNN article we read this morning, my wife & I both thought it was passed.

We saw that Senator MacDonald an announced it was a "Done deal". 

[Anonymous]

But, I do thank you for your very comprehensive reply.