Economic Relief for Individuals

Resources for Individuals

CARES Act Recovery Rebate Direct Payments

 

The CARES Act provides economic assistance to American Families in the form of Recovery Rebates. Estimate your Recovery Rebate at danbishop.house.gov/calculator.

 

Frequently Asked Questions about CARES Act Recovery Rebate Direct Payments

 

How much assistance do I qualify for?

Every individual earning up to $75,000 is eligible for $1,200 in payments and every family earning up to $150,000 is eligible for $2,400. There is an addition $500 payment for every child age 16 and under. For those earning more than the amounts above, assistance is reduced by 5% for each additional dollar of income. Individuals earning more than $99,000 and families earning more than $218,000 would receive no payments.

What if I file as a head of household?

Heads of households earning up to $112,500 would be eligible for a full individual payment and $500 for each child.

What years income will my payment be based off of?

Payments will be based your most recent tax return. If you have filed 2019 taxes, your payment will be based on 2019 income. If you have not filed a 2019 return, your payment will be based on your 2018 return.

Do I need to apply for a rebate payment?

No, The Internal Revenue Service will make direct deposits to your bank account or send you a direct check in the mail based on your past returns.

I am retired and receiving Social Security. Am I eligible for these payments?

Yes, as long as your retirement income does not exceed $99,000 for individuals or $218,000 for married couple

 I am currently on Disability. Am I eligible for these payments?

Yes.

I am retired and receiving a pension. Am I eligible for these payments?

Yes, as long as your retirement income does not exceed $99,000 for individuals or $218,000 for married couple

Do I need to pay taxes on these payments?

No.

Can I make an early withdrawal from my retirement account penalty free?

Yes. The CARES Act waives the 10 percent penalty on early distributions up to $100,000 from IRAs and defined contributions plans like 401 (k)’s for those infected with COVID-19 or those who have been economically harmed by COVID-19.

Does the CARES Act reduce the Required Monthly Distribution (RMD) from my retirement account?

Yes. The CARES act waives minimum distributions for the rest of 2020, including RMDs’ due on April 1 in order to ensure that retirement plans retain their value

I take the standard deduction when I file my taxes. Can I make a tax-free charitable contribution?

Yes, you can make a $300 above-the-line charitable contribution exempt from taxation in 2020

 How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

 

Unemployment Benefits for Workers Affected By COVID-19

 

If you have lost your job or are facing reduced hours due to Coronavirus the one week waiting period has been waived and workers can apply immediately for assistance. Additionally, in-person applications are also waived, click here to apply online or call: 888-737-0259.

The North Carolina Department of Employment Security (NC DES) is building out new systems to assess claims that are now permitted through the recently passed CARES Act. The CARES Act included provisions for workers who typically would not be eligible for state unemployment benefits, including part-time employees, sole proprietors, and gig workers. Individuals in those categories who apply will be automatically denied until NC DES launches the new system.

Those whose claims are preemptively denied will have to file an appeal online. NC DES will begin processing claims as soon as they receive additional guidance from the U.S. Department of Labor. Claims that are granted will be retroactive, so individuals will not lose out on any money they should have received while waiting for their applications to go through.

Frequently Asked Question about Unemployment Benefits

 

Who is eligible for Unemployment benefits?

Everyone traditionally eligible for unemployment benefits as well as those not traditionally eligible such as gig workers, part-time workers, independent contractors and those who are self-employed

How much will I receive in unemployment benefits?

Workers are eligible for both traditional unemployment benefits and the newly created Pandemic Unemployment Assistance Program. Traditional benefits in North Carolina are based on your average weekly wages with a maximum amount of $350. The new Pandemic Unemployment Assistance Program creates an additional $600 weekly benefit.

How long can I claim unemployment benefits?

Traditional benefits in North Carolina last for 20 weeks. The CARES Act allows workers to claim both traditional benefits and the new Pandemic Assistance for an additional 13 weeks for 33 weeks total. The new $600 weekly Pandemic Assistance can be claimed for 4 months

I am already on unemployment. Will I receive additional help?

Yes. You will still be eligible for an additional 13 weeks of traditional benefits and 4 months of the new $600 weekly Pandemic Assistance

I recently exhausted my unemployment benefits. Will I be eligible?

Yes. You will be eligible for at least another 13 weeks of traditional unemployment benefits plus 4 months of Pandemic Unemployment assistance

I cannot work because I was diagnosed with COVID-19. Am I eligible for unemployment benefits?

Yes. You would be eligible for traditional unemployment and the new Pandemic Assistance.

I was forced to leave work to care for a family member who was diagnosed with COVID-19. Am I eligible?

Yes. You are eligible for traditional unemployment and the new Pandemic Assistance

My child’s school or day care shut down because of COVID-19 and I need to leave work. Am I eligible?

Yes. You are eligible for traditional unemployment and the new Pandemic Assistance

My doctor advised me to self-quarantine. Am I eligible?

Yes. You are eligible for traditional unemployment and the new Pandemic Assistance

My place of business shut down operations due to COVID-19. Am I eligible?

Yes. You are eligible for traditional unemployment and the new Pandemic Assistance

IRS Assistance

To help provide additional assistance, the IRS is establishing a special phone line for taxpayers with questions about their Economic Impact Payments (EIP).  That number is 800-919-9835

Visit the IRS' Economic Impact Payments Information Center for updates on:

  • Social Security, Railroad Retirement and Department of Veteran Affairs benefit recipients
  • Calculating My Economic Impact Payment
  • Receiving My Payment

Visit , Get My Payment FAQs updates were made in the following categories of FAQs;

  • Payment Status
  • Bank Account Information
  • Entering Your AGI or Refund Information
  • Locked/Status Unavailable