Curious about how much you are expected to receive in direct payments as part of the CARES Act relief bill? TaxFoundation.org has put together the calculator below to help you calculate that amount.
A couple highlights on these payments:
- $1,200 for single-filers and heads of households
- $2,400 for joint filers
- An additional $500 per qualifying child
- Benefits begin to be phased out if your income is above $75,000 for individuals, $150,000 for joint.
- Benefits are based upon your 2019 taxes if you’ve already filed. If not, they are based on 2018.
- If your income goes down in 2020 you will be eligible to receive the amount of credit you were unable to claim based upon your 2018/2019 filings. If your income goes up in 2020 you will not have to pay back any excess amount already collected.
For more details check out the Tax Foundation’s FAQ here
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