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Update April 18, 2020CARES Act – Provisions for Participants
Update April 15, 2020The IRS has opened up a section on the Economic Impact Payments page where you can track your payment or sign up for Direct Deposit.
The following represents a summary of the recently signed into law CARES Act—also referred to as the Stimulus Package.
Recovery check distribution amounts —Single taxpayers will receive $1,200 and joint taxpayers will receive $2,400. There is an additional $500 for each qualifying child.
The recovery check is considered a credit for 2020, but paid in advance.
The amount is reduced (but not below zero) by 5% of each dollar a person’s adjusted gross income (AGI) exceeds. Consider the following:
Consider the following example:A married couple with no children has an AGI of $190,000.$190,000 is $40,000 above the $150,000 amount shown above.The couple’s check is reduced by 5% of $40,000, which is $2000.Therefore, they would receive a check for $400. (i.e., $2400 – $2000 = $400)
Other key details for recovery check eligibility include: