Woodstock Accounting Firm 770-591-8505

Stimulus Recovery Rebates – CARES Act

Allows for a $1,200 refundable tax credit  ($2,400 on a joint return) plus $500 per qualifying child for Child Tax Credit purposes for tax year 2020.  Credit is reduced by 5% for AGI over: $150,000 joint, $112,500 Head of Household, and $75,000 all other statuses.

 

The credit will be advanced by direct debit or check based on the 2019 tax return (1st), 2018 tax return (2nd), or Forms SSA-1099/RRB-1099.  This amount is NOT subject to offset if other taxes are due.