The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions affecting taxes.
Individual taxpayers will receive up to $1,200, for filing statuses of single or head of household, or $2,400 for married filing jointly, in the form of a rebate. The IRS will mail checks or use existing direct deposit information from the taxpayer’s 2019 tax return (or 2018, if they have not yet filed). The income limitation for the credit starts at $75,000 (single), $112,500 (head of household), and $150,000 (married filing jointly). There will also be a rebate of $500 for each qualifying child.