On March 27, 2020 the CARES Act was signed into law as a stimulus measure to combat the impact of Coronavirus and COVID-19 on the economy. A portion of this act allows for individual, one-time payments to tax filers with an adjusted gross income (AGI) of $75,000 for an individual and up to $150,000 for a married copy who jointly file their tax returns. If an individual makes below this threshold, they will receive a one-time payment of $1,200 and couples who file jointly will receive a one-time payment of $2,400. Each household, whether individual or spouses filing jointly, may also receive up to $500.00 for each child that is under the age of 17. If an individual or couple makes above these threshold amounts, their payment will be reduced based on their respective AGI. Individual payments are capped at an AGI of $99,000, and for couples filing jointly with no children the payments are capped at an AGI of $198,000. Your check amount will be based on your most recent tax return filed. If you have not yet filed your 2019 tax return, the payment will be based on your 2018 return. If you have filed your 2019 return, your check amount will be based on that. Finally, any potential recipient must not be a non-resident alien, not claimed as a dependent by anyone else, and must have a social security number to be eligible to receive a stimulus check under the CARES Act.
If your tax refund was issued by way of check that is how you will receive your stimulus money, but it may be delayed until June. If your refund was issued by way of direct deposit, you should receive your money directly into your bank account. If you haven’t filed taxes in years, the IRS will be opening a portal soon where you will be able to upload your information.
If you currently have an open workers’ compensation claim or have received any type of workers’ compensation payment you are still entitled to receive a check through the CARES Act. The act does not eliminate eligibility for any type of disability payments. Because there are no requirements surrounding where the source of income comes from, you should be eligible to receive a stimulus check as long as you meet the requirements set forth above.
If you have additional questions surrounding a potential workers compensation claim please contact the attorneys at Wilder Pantazis Law Group for a free consultation. We will walk you through these issues one step at a time.