In one day, or at least like it seems like one day, our world was turned upside down and we all learned a new word in a matter of seconds, the novel coronavirus.
And when this happened several emergency relief packages were passed in Congress to help industries and individuals weather the COVID-19 storm.
One of the three Coronavirus stimulus packages Congress addressed was how to compensate individuals.
Here are some highlights to be aware of:
- The amount you receive will be based off your 2018, or if filed, your 2019 tax return
- Those filing jointly, who make less than $150,000 adjusted gross income, will receive up to $2400
- Individuals, with an adjusted gross income of $75,000 of less are able to receive up to $1200
- If you have dependents, you can receive up to $500, per child
- Those without tax eligibility will receive at least $600
- The refund phases out for higher income brackets by 5% of the exceeded amount
- The funds are non-taxable
For recently divorced couples, the relief funding is not automatic:
- If you alternate years with your ex, in claiming dependents, depending on your arrangements and who claimed in 2018, or 2019 if filed, will receive the funds
- Garnished child support will not receive the funds
- Couples who filed jointly last year, but now are divorced, the bank account listed on the return will receive the funds
If you are unsure if you will receive the payments from the Coronavirus, reach out to your tax preparer or accountant for more clarity.
Our team at Family Divorce Solutions is a group of well respected, experienced and trained attorneys, mental health professionals, financial professionals, certified public accountants and child specialists who work as a team to reach a complete and satisfactory resolution for everyone involved.
Contact us today to see how we can help you and your family navigate through the divorce process.
And stay safe out there! We will get through this.
Note: This information is general in nature and should not be construed as legal/financial/tax/or medical advice. You should work with your attorney, financial, medical or tax professional to determine what will work best for your situation.