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1 1 (April 21, 2020)

handle is hein.crs/goveaac0001 and id is 1 raw text is: Congressional ____ Research Service forrming the Iegsiative debate since 191 COVID-19 and Direct Payments to Individuals: Economic Impact Payments for Social Security and Supplemental Security Income Beneficiaries Updated April 21, 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 for most individuals, structured as automatically advanced tax credits disbursed by the Treasury Department. The Internal Revenue Service (IRS) refers to the payments made in 2020 as economic impact payments. (These payments are also known as stimulus checks or stimulus payments.) This Insight addresses the economic impact payments from the perspective of Social Security and Supplemental Security Income (SSI) beneficiaries. Overview of Economic Impact Payments Eligible individuals can receive an economic impact payment of $1,200 per person ($2,400 for married joint filers) via direct deposit or a check by mail. Eligible individuals can also receive an additional $500 for each eligible child under 17 years old who qualifies for the child tax credit. The economic impact payment is reduced by $5 for every $100 of adjusted gross income (AGI) above $75,000 for individuals, $112,500 for heads of households, and $150,000 for married joint filers. Consequently, it 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 $198,000. A married couple with two eligible children is ineligible for an economic impact payment with AGI above $218,000. Nonresident aliens, individuals who could be claimed as a dependent by another taxpayer, and estates or trusts are ineligible for the economic impact payment. Taxpayers must provide a Social Security number (SSN) for themselves, their spouse (if married filing jointly), and any child for whom they claim the $500 child payment, with some exceptions for adopted children and military families. Congressional Research Service https://crsreports.congress.gov IN11290 CRS INSIGHT Prepared for Members and Committees of Congress

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