Posted on Mar 30, 2020

ICHIBAN SOLUTIONS AND CONSULTING, INC.

Courtesy of our dear friend Mark Hazelbaker, Attorney at Law, "INFORMATION ABOUT THE $1200/2400/500 RECOVERY REBATES

I reviewed section 2201 of the CARES Act, the $ 2.2 Trillion relief law passed last week. A few important points:

1. The rebates are not taxable. It's 1200 for an individual, 2400 for a couple, 500 per child.
2. The rebates will be paid automatically to people who filed 2018 or 2019 returns and included their social security numbers on the returns.
3, Some elderly or low income people didn't file in 2018 or 2019 because they earned too little. THEY STILL GET A REBATE! The US Government will be releasing information about how people who did not file can ask for the rebate.
4, The rebate will be paid through the method used to send a refund on your 2018 taxes. If you changed bank accounts since then, there may be a delay. The government is supposed to be putting out information about these situations.
5, The rebates are supposed to be coming out in April..."

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