On Friday, 27 March 2020, following a week of mindlessly partisan political shenanigans and multiple needless delays in the U.S. Congress as Americans lost incomes because of government-mandated businesses closures and stay-at-home orders meant to slow the spread of the coronavirus epidemic, President Trump signed the CARES Act of 2020 into law, which may provide a tax credit/rebate to American households that qualify for it.
Will your household qualify to get a tax credit rebate check from the U.S. government? And if you do, how much money will you get?
Our latest tool can help you answer these two questions! Enter your information, or a hypothetical scenario, in the tool below, and we'll do the math! If you're accessing this article on a site that republishes our RSS news feed, please click through to our site to access a working version of the tool.
Under the CARES Act, the IRS will automatically provide what it is calling a stimulus payment check to eligible households that have filed their Form 1040 income tax returns for either the 2018 or 2019 tax years. If you didn't file an income tax return for 2018 and if you haven't yet filed a return for the 2019 tax year, you will not be eligible to receive a tax rebate check until you do. At this writing, the IRS has extended the deadline to file your 2019 income tax return from 15 April 2020 to 15 July 2020.
Even though the IRS will automatically send out tax credit rebate checks to eligible tax-filing households, it may take until 31 December 2020 to do so.
The amount of your coronavirus tax rebate check depends upon whether you have qualifying dependent children in your household and the amount of your household's adjusted gross income, where if that income exceeds $75,000 if your tax filing status is single, $112,500 if you file as head of household, or $150,000 if you file as married, the amount of your stimulus payment check will be reduced by 5% for every dollar your income exceeds those qualifying thresholds.
If you would like to find out more about the CARES Act of 2020, both the nonpartisan Tax Foundation and tax expert Tony Nitti have excellent articles describing how it may impact your personal income taxes.
Image Credit: Sharon McCutcheon
Labels: coronavirus, personal finance, taxes, tool
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