Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

Corona virus Aid, Relief, and Economic Security Act (CARES Act)

The CARES Act was passed by the Senate and Congress and signed into law by the President of the United States.  This Stimulus Package is one way to lessen the negative economic impact the Corona virus has had on Working Families in the United States.  Below is a brief synopsis with some helpful links for Members to determine what they would be eligible for.

Examples of relief amount aka “recovery rebates”

Tax return filing as single

  • $1,200 a single filer whose adjusted gross income (AGI) is less than $75,000 
  • Single filer would receive a reduced amount if (AGI) is less than $99,000 
  • eligible filers with dependent children would receive $500 per child
  • Single filer whose AGI is more than $99,000 would be ineligible and not receive a payment

Tax return filing as married/joint

  • $2,400 to married couples whose adjusted gross income (AGI) is less than $150,000 
  • Married couples who file a joint return would receive a reduced amount if their (AGI) is less than $198,000 
  • eligible filers with dependent children would receive $500 per child
  • Married couples whose AGI is more than $198,000 would be ineligible and not receive a payment

Tax return filing as “Head of Household”

An individual who filed as “head of household” and earned $112,500 or less would receive $1,200

“Recovery Rebates”

  • Eligibility is based on “adjusted gross income” from your most recent federal tax return.  2018 return or 2019 return if filed this year.
  • Within three weeks a one-time payment will be direct deposited into the bank account that is on file with the IRS.  If no previous direct deposit on file, the IRS will mail a check to the “last known address”. Further guidance can be found at www.irs.gov/coronavirus 
  • Payment will not be taxable income

Helpful links and Stimulus Calculator

smartasset.com/financial-advisor/coronavirus-stimulus-package

www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/

www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html