CARES Act Update – Sunday, March 29, 2020 3:50PM

The CARES Act passed Friday includes a provision for Recovery Rebate stimulus payments directly to taxpayers.  This means checks or direct deposits put back in your hand if your income is not too high.  The rebate payments will be based on the 2018 personal return, or 2019 if already filed.  The rebate amount begins to be reduced for single filers with adjusted gross income (AGI)  over $75K and is completely eliminated at AGI over $99K.  The phase-out for joint filers begins at AGI of $150K and is eliminated at AGI over $198K.

Amount to expect

  • Single filers:  $1200
  • Joint filers:  $2400
  • Qualifying children:  $500 each