[vc_row][vc_column][vc_column_text]

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)

Recovery Rebates For Individuals

Provides $1,200 for taxpayers that filed single or head of household ($2,400 for married couples filing joints returns). The provision also provides $500 per qualifying child dependent under age 17 (using the rules under the Child Tax Credit). For example, a family of four would receive

  • $3,400.Rebates phase out at a 5% rate above adjusted gross incomes of $75,000 (single)/ $122,500 (head of household)/ $150,000 (joint).
  • Tax filers must provide Social Security Numbers (SSN) for each family member claiming a rebate (adoption taxpayer identification numbers accepted for adopted children).
  • Rebates will be paid out based on the taxpayers’ filed 2019 return (or 2018 return if a 2019 return has not been filed yet.)
  • Non-filers generally need to file a tax return in order to claim a rebate, although IRS may coordinate with other federal agencies in some instances to get checks out.
[/vc_column_text][/vc_column][/vc_row]
Call Us Today