The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) authorized the IRS to issue Economic Impact Payments (aka stimulus payment/check) of up to $1,200 to most U.S. citizens and residents. However, time is running out to claim those funds. Here, we discuss what you need to know.
Who is eligible for a stimulus payment under the CARES Act?
You’re likely eligible for a stimulus payment if you:
- are a U.S. citizen or resident alien
- have a work-eligible Social Security number, and
- can’t be claimed as a dependent on someone else’s tax return.
How large is the stimulus payment?
The CARES Act authorized payments of up to $1,200 to eligible individuals plus $500 per qualifying