Cares Act Stimulus Income
Congress and signed into law by president donald trump on march 27 2020 in response to the economic fallout of the covid 19 pandemic in the united states.
Cares act stimulus income. Couples earning up to 150 000 will receive 2 400. The cares act sends a 1 200 stimulus check to eligible adults earning up to 75 000. People who weren t required to file a federal income tax return in 2018 or 2019 may still be eligible to receive the first stimulus check under the cares act.
An economic impact payment or eip is a stimulus payment provided to taxpayers by the cares act. Under the cares act the 1 200 payments for individuals phased out at an income of 99 000 and the 2 400 payments for couples phased out at a combined income of 198 000. This is based on 2019 adjusted gross income or 2018 agi if you haven t yet filed your 2019 tax return.
The coronavirus aid relief and economic security act also known as the cares act is a 2 2 trillion economic stimulus bill passed by the 116th u s. And this group will qualify again. 1 eligible families receive an additional 500 for each child under the age of 17.