The Coronavirus Aid, Relief, and Economic Security (CARES) Act Eligibility Chart
Individuals and Families
Individuals who are not dependents — $1,200 rebate
Taxpayers married filing joint — $2,400 rebate
Taxpayers with children dependents (up to age 17) — $500 rebate per child
(based on the 2018 tax return, 2019 if already filed)
• Includes a phase-out for AGI over thresholds of $75,000 for individuals.
• Includes a phase-out for AGI over thresholds of $150,000 for married filing jointly.
• Includes a phase-out for AGI over thresholds of $112,500 for heads of households filers.
If you wish to see if you qualify please look at line 7 on your 2018 Form 1040 or line 8b on your 2019 form 1040.
The rebate acts as an advanced tax credit and will be reconciled on the 2020 tax return. This effectively means that it will not be taxable income to those who receive it.
Don’t hesitate to email or call us with any questions.
From the partners and staff of LHF