CARES Act Payments for Individuals & Families
U.S. Congress passed and President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES). This legislation is intended to provide economic assistance to individuals and families negatively impacted by the COVID-19 pandemic.
CARES Act Program
For individuals, the CARES Act will provide stimulus payments as follows:
- $1,200 per person, for those who have filed as single, with an adjusted gross income of less than $75,000
- $2,400 for those married couples who have filed jointly, with an adjusted gross income of less than $150,000
- In addition, the Act will provide payments of $500 per dependent child
- For those earning above the stated thresholds, payments will be phased-out at a rate of $5 per $100 over the limit. As a result, payments phase out entirely for those individuals earning more than $99,000, $146,500 for heads of household with one child, and $198,000 for joint filers with no children.
Receiving Your Payment
The first round of Stimulus payments was released Wednesday, April 15, 2020. Please be sure to check your account to see if you have received your payment.
If you did not receive the stimulus payment, don't worry, the IRS has created an application that allows you to check the status of your payment. >>irs.gov/coronavirus/get-my-payment If you haven't filed for taxes recently, visit the IRS website to update your information.>>irs.gov/coronavirus/non-filer
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