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1 1 (April 2, 2020)

handle is hein.crs/govcszx0001 and id is 1 raw text is: Researh Sevice COVID-19 and Direct Payments to Individuals: Will Social Security and Supplemental Security Income Beneficiaries Receive the Recovery Rebate in the CARES Act? Updated April 2, 2020 The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) provides emergency relief measures in response to the Coronavirus Disease 2019 (COVID- 19) pandemic. Section 2201 of the CARES Act provides recovery rebates, also known as Economic Impact Payments, for most individuals, structured as automatically advanced tax credits to be disbursed by the Treasury Department. This Insight addresses the recovery rebates from the perspective of Social Security and Supplemental Security Income (SSI) beneficiaries. Overview of the Recovery Rebates Eligible individuals can receive a recovery rebate of $1,200 per person ($2,400 for married joint filers) as an automatically advanced credit against their 2020 federal income tax liability via direct deposit or a check by mail. Eligible individuals can also receive an additional S500 for each eligible child under 17 years old who qualifies for the child tax credit. The recovery rebate is reduced by S5 for every S 100 of adjusted gross income (AGI) above $75,000 for individuals, S 112,500 for heads of households, and S 150,000 for married joint filers. Consequently, the rebate is not payable to individuals (with no eligible children) with AGI above $99,000 or married joint filers (with no eligible children) with AGI above S 198,000. A married couple with two eligible children is ineligible for the rebate with AGI above $218,000. The recovery rebate is to be automatically advanced to eligible individuals in 2020 based on their 2019 federal income tax return. For eligible individuals who did not file a 2019 return, the rebate is to be automatically advanced based on 2018 return information. For eligible individuals who were Social Congressional Research Service https://crsreports.congress.gov IN11290 CRS INSIGHT Prepaed for Membeivs and cornm ittees o4 Cor~qress ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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