Here;s what I go from my state Senator
Background: On March 27th, President Trump signed the CARES Act, legislation that will provide the emergency funds necessary to steer our economy through the outbreak of the China Virus and help Americans meet their financial needs. Part of that legislation provides a check in the form of a tax rebate to the vast majority of Americans. Information about those tax rebates is outlined in this document.
Eligibility: All U.S. residents are eligible as long as they have a work-eligible Social Security number and meet the income requirements. People whose income is entirely from nontaxable, means-tested programs — such as Supplemental Security Income benefits — are eligible too. If a person is a dependent on someone else’s tax return — such as a young adult — they are not eligible for payments.
Click here to calculate how much assistance you will receive
For Individual Filers: Americans who file their taxes as individuals will receive up to $1,200 in assistance. If your income was less than $75,000 in 2019, you will receive the full amount of $1,200. For those making above $75,000, reduced checks on a sliding scale will be paid. For every $100 you make over $75,000, your assistance will be reduced by $5.
For Married Couples Filing Jointly: Americans who file taxes jointly will receive up to $2,400 plus $500 for every dependent under the age of 17. If your joint income was less than $150,000 in 2019, you will receive the full amount of $2,400 plus $500 for every dependent under 17. For couples making above $150,000, reduced checks on a sliding scale will be paid. For every $100 you make over $150,000, your assistance will be reduced by $5.
For Heads of Household: Americans who file taxes as heads of household will receive up to $1,200 plus $500 for every dependent under the age of 17. If your income was less than $112,500 in 2019, you will receive the full amount of $1,200 plus $500 for every dependent under 17. For those making above $112,500, Reduced checks on a sliding scale will be paid. For every $100 you make over $112,500, your assistance will be reduced by $5.
Common Questions and Answers
Q: How will I receive the assistance?
A: For the vast majority of Americans, no action on their part will be required in order to receive a rebate check. The IRS will use a taxpayer’s 2019 tax return if filed, or in the alternative their 2018 return. This includes many low-income individuals who file a tax return in order to take advantage of the refundable Earned Income Tax Credit and Child Tax Credit. If you gave your bank account information to the IRS when filing your taxes, you will likely receive a direct deposit from the government. If you did not, you will likely receive a check in the mail. No later than 15 days after the date on which Treasury makes a payment to an eligible taxpayer, a notice will be sent by mail to that taxpayer’s last known address. That notice will indicate the method of payment and the amount of payment.
Q: When will my payment arrive?
A: Treasury Secretary Steven Mnuchin has said he expects most people to get their payments within three weeks.
Q: Will I have to pay taxes on these payments?
A: No
Q: Do I need to have income to qualify?
A: No.
Q: What tax year will be used to determine my income?
A: If you have already filed your taxes for 2019, your income for that year will be used to determine your assistance. If you have not filed your taxes for 2019, the IRS will use your 2018 tax filing to determine your assistance.re's what I got from my state senator:
