At the Law Office of Daniela Romero, we hope that you are staying safe and unhealthy. In these uncertain times, you may be wondering what help is out there for you. In fact, you have probably heard about the CARES Act, but may be wondering what it is and how it can help you.
So, What is the CARES Act?
On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act, (the CARES Act, HR 748), was signed into law. This is a stimulus package to help with the impact of the COVID-19 pandemic.
The CARES Act provides stimulus payments for each individual ($1,200) and each child ($500). A child is defined by the child tax credit rules as under age 17. However, stimulus payments are not available to those without an Social Security Number, nonresident aliens, or adult dependents.
The best way to find out if you will be receive any money is to check the IRS website for economic impact payments: Economic Impact Payment Information Center Website. Check this website to find out more information about the financial caps for receiving stimulus payments.
- Single: If eligible, you will receive a $1,200 payment. This will be dependent on your adjusted gross income. However, the payment will be reduced by $5 for every $100 in income over $75,000.
- Married filing joint couples: If eligible for full payment, you will receive a $2,400 payment. Again, the payment is reduced by $5 for every $100 in income above $150,000. Also, married couples will receive an additional $500 for every dependent child under 17.
- Head of household filers: When eligible, you can expect a $1,200 payment and an additional payment of $500 for each dependent child under age 17, if your AGI (adjusted gross income) is up $112,500 a year. However, the payment is reduced by $5 for every $100 in income above $112,500. Also, head of household taxpayers will receive an additional $500 per dependent child under age 17.
What Do I Need to Do?
If you have not filed your 2019 tax return, or unsure what your 2018 AGI is, schedule your appointment now to file your 2019 tax return. Once filed, the IRS will be able to deposit the calculated amount directly into your bank account.
- IRS Website for Stimulus Payment Info
- The CARES Act Website
- CARES Act and Emergency Financial Aid Grants
- COVID-19 and Student Loan Forbearance Info
Need More Information?
We are here for you, Monday through Friday and on weekends by appointment to assist you. At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like to get to know you and we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.