April 6, 2020 - NFP CARES Act Webinar CARES Act Webinar - NFP - Final | Page 54

INDIVIDUAL TAX PROVISIONS - CARES
ACT
Rebates – advanced payment of 2020 tax credit
• $1,200 for single or $2,400 for married filing jointly plus
$500 for qualifying child under age 17
• AGI phase out begins at $75,000 if single, $112,500 for
head of household and $150,000 if married
Phase-out is $5 for every $100 that AGI exceeds threshold
• Credit is an advance on 2020 tax return
No pay-back due if 2020 income is higher
Will receive short-fall if 2020 income is lower
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