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The cares act is the largest economic stimulus package in american history.
First stimulus amount 2020. The first economic stimulus bill related to the 2019 2020 coronavirus pandemic was signed into law on friday afternoon march 27 2020 by u s. The cares act allowed americans to claim child dependents for 500 each as long as they re 16 years old or younger that is under 17 years old. If your stimulus.
The stimulus check will be paid this year based on information from your most recent tax return and will be reconciled in tax year 2020 to ensure you received the correct rebate amount. If eligible you could receive up to 1 200 to help you and your family. Your economic impact payment is effectively an advance on a 2020 tax credit so you should receive a stimulus payment of up to 1 200 and 600 but they likely won t arrive until next year.
The bill is an attempt to stimulate the economy and help people survive the economic fallout of the covid 19 pandemic. According to the irs you won t be required to repay any stimulus check payment when filing your 2020 tax return even if your stimulus check is greater than your 2020 credit. The 2 2 trillion package.
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