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Congress recently passed a $2 trillion stimulus package to help everyone affected financially by the current pandemic. This includes one-time economic impact payments.
Based on 2018 or 2019 tax returns, individual filers with adjusted gross incomes up to $75,000 will receive $1,200, joint filers $2,400. An additional $500 per qualifying child will also be included.
For most people these payments will be distributed by direct deposit using bank information on their 2018 or 2019 tax returns. For social security recipients, deposits will be made to the same accounts where they currently receive payments.
For more details, visit the IRS website.
– Halle Fleming, 360 Media, Inc.