Presented by Daniel Packard, CPA, CFE, CVA and Tim Anderson, MAcc, CPA
One of the provisions in the newly passed CARES Act is an individual stimulus package, which is an immediate payment of a 2020 tax credit for those that qualify. This tax credit is independent of other credits for which you may be eligible. These payments are anticipated to arrive in April and will be based on the income and qualifying dependent children reported on your 2019 return. If you have not filed for 2019, your 2018 return will be used instead. The credit is between $600 and $1,200 for single and head of household filers and between $1,200 and $2,400 for married couples filing jointly. There is an additional $500 for each qualifying child under the age of 17. No action is required on your part to receive this payment. The IRS will use the most recent bank account on file for direct deposit payments or will send a check in the mail to the address they have on file. Cooper Norman has created this calculator to estimate how much you would receive.