CARES ACT-WHAT YOU WANT TO KNOW

Here is the gist of the CARES ACT.

To qualify you must have at least $2500 in income either earned or benefits other than SSI.

IT WILL NOT BE TAXABLE. However you may be asked if you got it same like the last stimulus.

If you are single no dependents and made $75k or less you will receive the full stimulus amount $1200, and it will not be taxable

If you file married and made up to $150k or less, less you will receive the full stimulus amount $2400 plus $500 for you children or disabled dependents

If you are a Head of Household (single but with children or dependents) and made up to $112k or less, you will get full stimulus amount $1200 plus $500 for each dependent.

I am not sure if those who qualify as head of household with a qualifying child who is not your dependent will qualify as single or hoh. (example : you are single but have a child you pay support for but doesn’t live with you but you still use that dependent to file as head of household). But I assume that they will base it only on filing status.

If you receive social security retirement, social security disability, or veterans administration benefits you will auto qualify and stimulus will deposit same as benefits.

If you recieve Social Security Supplemental, you will NOT be part of package. Do not let anyone tell you to file return. Remember that your SSI will be deducted dollar per dollar.

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