2020 Recovery Rebates for Individuals
Are you eligible?
Who is eligible for a recovery rebate?
- The CARE Act provides a $1,200 refundable tax credit for individuals ($2,400 for taxpayers filing jointly)
- Additionally, there are rebates of $500 for each child.
- The rebate phases out between $75,000 and $99,000 of AGI ($150,000 - $198,000 married filing jointly).
- A typical family of four is eligible for a $3,400 recovery rebate.
- The rebates will not be counted as taxable income for recipients, as the rebate is a credit against tax liability and is refundable for taxpayers with no tax liability to offset.
Learn more about tax credits.
If you receive Social Security and don't need to file taxes, you should read more info.
DISCLAIMER: The views expressed herein are exclusively those of Robert Taylor and do not reflect the policy or position of GVCA. The content is not meant as investment advice and are subject to change. No part of this report may be reproduced in any manner without the express written permission of Robert Taylor. Information contained herein is derived from sources we believe to be reliable, however, we do not represent that this information is complete or accurate and it should not be relied upon as such. All opinions expressed herein are subject to change without notice. This information is prepared for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. You should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. You should note that security values may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not a guide to future performance.
CITATIONS:
1. grassley.senate.gov/news/news-releases/cares-act-recovery-check-faq
2. irs.gov
3. taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan
