U.S. Treasury and Relief Payments for Ohio

The Corona Virus Aid Relief and Economic Security Act, (CARES) was passed by the U.S. Congress and signed by the U.S. President by the end of March 2020. This economic stimulus package is geared to make provision via subsidy for adult Americans who are laid off as a result of COVID-19. The package, by its design, is best known for its descriptive, pandemic relief law. The financial relief in its most basic form will provide $1200.00 to they who are out of work as a result of business closure due to the viral outbreak.

Individual recipients of the U.S. Treasury check will receive a one-time payment of $1200.00. Their eligibility for the full payment requires each of them to have annual gross adjusted income under $99,000.00. Individual payments are adjusted on a graduated scale if he or she exceed the adjusted gross income exceeding $75,000.00.

If a married couple have filed a joint return for 2018 or 2019, their payment in its most basic form will be $2,400.00. The income cap for eligibility by those filing a joint tax return is $150,000.00.

In situations where one files as Head of Household, or is a single parent, in its most basic form, the payment to him or her would be $1200.00. If someone in this case has children under age 17, they are eligible to receive an additional sum of $500.00 per dependent child under age 17. Thus a typical family of four may receive a one-time payment of $3,400.00.

The U.S. Treasury plans to begin issuing payments in early April 2020. It is estimated that the CARES Act will cost $2.2 trillion to fully carry out. Under 15 percent of the cited total provides the one-time payment to they who qualify. The act is intended to provide economic relief to individuals, families and business both small and large.

An unemployed adult is eligible for the one-time payment regardless of how low their adjusted gross income is either in the 2018 tax return or 2019 tax return. He or she may consider this payment as an advance tax credit. Its reception does not need to be considered income when filing the federal tax return for 2020.

Note: as a result of the COVID-19 outbreak – the filing deadline for U.S. income tax returns has been extended to July 15, 2020. Moreover, non-residents of the U.S. or those with past due child support payments, are ineligible to directly receive the one-time payment.