The CARES Act will give eligible individuals of up to $1,200 for single filers and up to $2,400 for joint filers. You will also get a $500 credit rebate per qualifying child. Rebates are subject to phase-out thresholds beginning at $75,000 of adjusted gross income for individuals and at $150,000 for joint filers. Rebates are not available for single filers with adjusted gross income over $99,000 and over $198,000 for joint filers. The determination will be based on 2019 tax return information (or 2018 information if a 2019 return has not yet been filed).
You must have a valid social security number. You cannot be a nonresident alien, a trust or estate, or an individual claimed as a dependent by anyone else. A qualifying child also must have a social security number, or adoption taxpayer identification number.
The rebate is available even to those who have no income. The rebate is also available to those whose income comes entirely from non-taxable means-tested benefit programs, such as Supplemental Security Income (“SSI”) benefits.
Payments are expected to be made “as rapidly as possible,” but not after December 31, 2020.