Phase 3: H.R. 748, The CARES Act
The first recovery rebate (aka relief check) for individuals was a single, cash-in-your-pocket payment of $1,200 per adult and $500 per child. This benefit phases out at the rate of $5 for every $100 of annual income over $75,000 (or $150,000 for couples). The second recovery rebate for individuals is the same as the first but for $600 per adult with an additional $600 per child ($1,800 for a family of 3). If you have not received your first recovery rebate and you believe you were supposed to be issued a check, there will be an area on your tax returns to rectify this. Your $600 payment should be in your bank account already if you’ve elected to do a direct deposit with the IRS. If you file manually then your check should be in the mail. The first recovery rebate (aka relief check) for individuals was a single, cash-in-your-pocket payment of $1,200 per adult and $500 per child. This benefit phases out at the rate of $5 for every $100 of annual income over $75,000 (or $150,000 for couples). The second recovery rebate for individuals is the same as the first but for $600 per adult with an additional $600 per child ($1,800 for a family of 3). If you have not received your first recovery rebate and you believe you were supposed to be issued a check, there will be an area on your tax returns to rectify this. Your $600 payment should be in your bank account already if you’ve elected to do a direct deposit with the IRS. If you file manually then your check should be in the mail.
Nothing. That’s right. The IRS will base this off your 2020 tax return. If you haven’t done that yet, then the IRS will use your 2019 return. Haven’t done either of those yet? No worries, they will base it on your SSA-1099, Social Security Benefit Statement. Example provided below:
You need to have a valid social security number for yourself, spouse, and qualifying children.
Those claimed as a dependent on another’s tax return won’t receive a payment.
For those whose income exceeds $75,000 if single, $150,000 if married, $5 of your $1,200 relief payment will be discounted for every $100 of your Adjusted Gross Income (AGI: total income minus a few deductions) with those making more than $87,000 not qualifying at all.