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1 1 (April 29, 2020)

handle is hein.crs/govdacs0001 and id is 1 raw text is: COVID-19 and Direct Payments to Individuals: Economic Impact Payments (EIPs) for Social Security and Supplemental Security Income Beneficiaries Updated April 29, 2020 The Coronavirus Aid, Relief, and Economic Security (CARES) Act (PL. 116 -36) 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 a tornancally adanccd tax cre.dits disbursed by the Treasury Department. The Internal Revenue Service (IRS) refers to the payments made in 2020 as Fconomic Impact Payenints (EPs). (These payments are also known as stirnuiis chocks or stimulus payments.) This Insight addresses EIPs from the perspective of Social Security and Supplemental Security Income (SSI) beneficiaries. Overview of Economic Impact Payments (EIPs) Eligible indiiduals can receive an EIP 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 payment for each child under 17 years old who is eligible for the child tax credit (hereinafter qualifying child). The EIP is reduced by $5 for every $100 of adjustd 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 qualifying children) with AGI above $99,000 or married joint filers (with no qualifying children) with AGI above $198,000. A married couple with two eligible children is ineligible for an EIP 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 EIP. Taxpayers must have provided a Social Socurity number (SSN) for themselves, their spouse (if married filing jointly), and any qualifying child, with some exceptions for adopted children and military families. Congressional Research Service https://crsreports.congress.gov IN11290 CRS tNStGHT Prepare'd for M, embers and C o rm m it'e e s o ; C o q g re s s ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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