House Approves President Biden’s $1.9 trillion COVID- 19 Relief Plan

Credit Joe Biden Facebook

Much needed money will arrive to Americans after President Biden signs the  $1.9 trillion stimulus bill this Friday at the White House. With  Congress in full democratic control this is  the new administrations first major legislative achievement. Only one democrat did not sign the bill Rep. (D) Jared Golden of Maine. Not one Republican voted in favor of the bill.

This will be the third round of stimulus payments for Americans since COVID-19 pandemic again back in March.

Eligibility to receive funds will be based on Americans most recent tax returns. if you have filed a tax return in 2020 within the threshold became in his sense The IRS calculate your eligibility on your 2020 adjusted gross income. If you haven’t filed the 2020 tax return yet The IRS has a portal on its website for people who usually don’t file tax returns. If you didn’t get the full Economic Impact Payment, you may be eligible to claim the Recovery Rebate Credit.

if you were a U.S. citizen or U.S. resident alien in 2020, were not a dependent of another taxpayer and have a Social Security number that is valid for employment, you are eligible for the Recovery Rebate Credit.  Your credit amount will be reduced if your adjusted gross income (AGI) is more than:

  • $150,000 if married and filing a joint return or filing as a qualifying widow or widower
  • $112,500 if filing as head of household or
  • $75,000 for eligible individuals filing as a single or as married filing separately.
  • Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.

 

Here is what the IRS says about the Recovery Rebate Credit

 

Most individuals eligible for the Recovery Rebate Credit have already received the full amount in two rounds of payments, known as Economic Impact Payments. All Economic Impact Payments have now been issued. If the IRS  issued you the full amount of each Economic Impact Payment, you won’t need to claim the Recovery Rebate Credit or include any information related to it when you file your 2020 tax return because we already issued your Recovery Rebate Credit as Economic Impact Payments.

 

If you’re eligible for the credit, and either we didn’t issue you any Economic Impact Payments or we issued less than the full amounts, you must file a 2020 tax return to claim the Recovery Rebate Credit even if you are not required to file a tax return for 2020.

 

Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.

 

You will need to know the amount of any Economic Impact Payments issued to you to claim the Recovery Rebate Credit. If you’re eligible for the Recovery Rebate Credit on your 2020 tax return, it will be reduced by any Economic Impact Payments we issued to you. Always be complete and accurate when you file a return. You can find information here to file. IRS.gov

Image Credit Joe Biden Facebook

 


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