Understanding the Federal Recovery Rebate

Georgia Tax Filers Can Claim New “Recovery Rebate” in Addition to EITC, Other Credits to Make Ends Meet During This Difficult Time

The third federal stimulus package that passed on March 25 included a direct payment to many families and individuals called the Recovery Rebates. These one-time payments will be based on the prior year’s income and therefore require the filing of a 2019 or 2018 tax return to automatically get the rebate. Social Security recipients also qualify. The average rebate amounts will be $1,200 per adult and $500 per dependent aged 16 years or younger. The rebate amount is calculated on a sliding scale in an effort to target relief to low- and middle-income families. Thus, the amount is reduced by $5 for every $100 of income over $150,000 for married couples, $75,000 for singles and $112,500 for single parents. Unfortunately, that the eligibility outlined in the Act leaves out older, dependent children and those who file and pay taxes through an Individual Taxpayer Identification Number (ITIN) number. Additionally, if individuals are behind on child support payments, that amount can be subtracted from the recovery rebate as well. Read more about the rebates and the CARES Act here. For more information on credits, filing your taxes for free online and more, please visit Get It Back here.

Georgia’s Tax Filing Deadline Pushed Back This Year

To help working families during the coronavirus pandemic, both the state and the federal deadline to file and pay income tax is extended to July 15. This will help many Georgians, including contract, freelance and low-wage workers who are currently receiving less income due to the public health emergency.

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