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1 1 (April 17, 2020)

handle is hein.crs/govcszq0001 and id is 1 raw text is: Researh Sevice COVID-19 and Direct Payments to Individuals: Summary of the 2020 Recovery Rebates/Economic Impact Payments in the CARES Act (P.L. 116-136) Updated April 17, 2020 The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136), which was signed into law by President Trump on March 27, 2020, includes direct payments to individuals-referred to in the law as 2020 recovery rebates. The Internal Revenue Service (IRS) refers to the payments issued in 2020 as economic impact payments, whereas some media reports call them stimulus payments. This Insight provides a brief overview of these direct payments. The 2020 recovery rebates equal S 1,200 per eligible individual ($2,400 for married taxpayers filing a joint tax return) and $500 per eligible child. These amounts phase down for higher-income taxpayers. These payments are automatically issued to households in 2020 if they filed a 2019 income tax return and will generally be received as a direct deposit or check by mail. If a 2019 return has not been filed, rebates will be advanced automatically based on 2018 return information. On April 1, 2020, the IRS indicated that 2020 recovery rebates will automatically be issued to Social Security beneficiaries and railroad retirees who are not required to file an income tax return, using information from their Social Security benefits statement (SSA-1099) or Railroad retirement benefits statement (RRB-1099). This was a reversal from guidance provided earlier in the week. If these eligible beneficiaries also have dependent children (eligible for the $500 payment), they are directed to provide that information to the IRS directly via the nonfiler portal to receive the child benefit. On April 15, 2020, the IRS announced that eligible Supplemental Security Income (SSI) recipients will automatically receive their S 1,200 payment through direct deposit, Direct Express debit card, or by paper check, just as they would normally receive their SSI benefits. The IRS anticipates eligible SSI recipients will receive these payments in early May. As with Social Security beneficiaries who do not file tax returns, SSI recipients with eligible dependent children are directed to provide information on these children to the IRS to receive these $500 payments. Congressional Research Service https://crsreports.congress.gov IN11282 CRS }NStGHT Prepaed for Membeivs and Cornnittees o4 Cor~qress --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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