By: Hima Mehta The US government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide support to businesses and individuals during the coronavirus (COVID-19) pandemic. Part of the CARES Act gives stimulus payments directly to families to help them financially during the crisis. Most Americans are eligible for stimulus payments, and there may be an additional stimulus check issued in the future. The following criteria are used to determine who qualifies for stimulus payments:
Individuals will not need to include the stimulus payment as taxable income on their tax returns. Instead, the payment will be treated as a tax credit to help individuals stay afloat during this pandemic. For those who are not eligible for the stimulus payment based on their 2018 or 2019 AGI, you may still qualify based on your 2020 AGI. If you 2020 AGI falls within the income limits above, you will be eligible to get up to a $1,200 credit when filing your 2020 tax return. If you haven’t received your stimulus payment yet, you can check your payment status online.
For help getting coronavirus (COVID-19) relief for your family or your business, contact your trusted Chugh CPAs, LLP professional today. You can also send an email to info@chugh.com to request a free consultation.
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