Information about how much those checks will be ‐ and whether or not individuals will pay tax on them ‐ will likely be hammered out in a deal by politicians very soon.
On Thursday, Senate Majority Leader Mitch McConnell, R-Ky., unveiled a bill that proposes giving $1,200 to individuals, $2,400 to married couples and $500 per child.
Those checks would start to phase out for individuals who had $75,000 or more in adjusted gross income, or $150,000 for married couples who file jointly, according to their 2018 tax return.
The proposal currently calls for giving that money as a credit against your taxes.
"So this wouldn’t be taxable, because it’s your own money back essentially," said Jeffrey Levine, director of advanced planning at Buckingham Strategic Wealth in Long Island, New York.