The Final Cares Act, filed as H.R.748 — 116th Congress (2019-2020), and signed into law by President Trump on March 27 has provided extensive benefits both for big and small business but, the portion of the Bill that is of most interest to average struggling American citizens are the individual rebates, to be disbursed in the form of stimulus check payments.
The anticipated rebates are set to be begin electronic disbursement sometime next week for tax payers who have filed their 2018 or 2019 returns and already have a bank account on file with the IRS for direct deposit of either of those years’ tax refunds.
The stimulus checks will be apportioned according to income, as indicated at the end of this article.
All individuals, or couples receiving a stimulus payment will also receive $500 per child under the age of 17, who is claimed on their current tax return on file with the IRS.
Current recipients of SSDI or SSI, do not need to file any tax return and will automatically receive payment.
Individuals who have not filed their 2018 and 2019 tax returns and do not receive SSDI or SSI, will need to register for the stimulus check. The IRS will be posting a portal for this purpose and Turbo Tax has created a page on their website for registration.
Individuals who have filed 2018 or 2019 returns but, did not provide an account for direct deposit, will be mailed a check that will arrive in five to six months. If they wish to change their payment by switching to direct deposit, the IRS website will have a portal available by the end of April for imputing accounts for direct deposit.
These rebates will not be deducted from or reduce 2019 tax refunds or any future tax refunds. This payment is an addition to your expected or received 2019 tax refund.
Any individual who did not receive their stimulus check by the time they file their 2020 return, will be reimbursed on their 2020 tax refund. If for any reason, any person is issued a stimulus check based on their 2018 and/or 2019 tax return, and would not have qualified based on their 2020 income, then they will be required to repay any stimulus funds they received.
Payments will be issued as indicated:
Individuals
Under $75,000, $1,200
$80,000 or less, $950
$85,000 or less income, $700
$90,000 or less, $450
$95,000 or less income, $200
Over $99,000 income, $0
Jointly
$150,000 or less, $2,400
$160,000 or less, $1,900
$165,000 or less, $1,650
$170,000 or less, $1,400
$175,000 or less, $1,150
$180,000 or less, $900
$185,000 or less, $650
$190,000 or less, $400
$195,000 or less, $150
Over $198,000, $0
Stimulus checks, stimulus payments, government rebates, when will rebates deposit, Stimulus rebates, Stimulus checks, individual rebates, Cares act payments, cares act rebates
