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1 1 (August 31, 2020)

handle is hein.crs/govdbmq0001 and id is 1 raw text is: Gongrsssoa Research Service COVID-19 and Direct Payments to Individuals: Economic Impact Payments (EIPs) for Social Security and Supplemental Security Income Beneficiaries Updated August 31, 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 (EIPs). (These payments are also known as stimulus checks or stimulus payments.) As of May 31, 2020, more than 160 million payments totaling over $269 billion had been disbursed. By July 2020, 164 million payments totaling $273.5 billion had been disbursed. This Insight addresses EIPs from the perspective of Social Security and Supplemental Security Income (SSI) beneficiaries. Overview of Economic Impact Payments (EIPs) Eligible individuals can receive an EIP of $1,200 per person ($2,400 formarried joint filers) via direct deposit, check by mail, or prepaid debit card (including Direct Express debit card and EIP card). Eligible individuals can also receive an additional $500 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 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 qualifying children) withAGI above $99,000 or married joint filers (with no qualifying children) withAGI above $198,000. Amarried 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 work-authorized Social Security number Congressional ResearchService https://crsreports.congress.gov INI 1290 CRS INSIGHT Prepared forMenbers and C o m n ifteeso f C o ng ress ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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