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The American Recovery and Reinvestment Act of 2009 ( ARRA) ( Pub. L. 111–5 (text) (PDF) ), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession, the primary objective of this federal statute was to save ...
The IRS added together a $600 rebate for the parent and $600 for the two children to get $1,200, then subtracted the phaseout reduction of $750 ($50 for each $1,000 income above $75,000) to get $450. According to the IRS, the stimulus payment did not reduce taxpayers' 2008 refunds or increase the amount owed when filing 2008 returns.
Economic stimulus payment or economic impact payment may refer to several tax rebates, tax credits, tax deductions and grants from the federal government of the United States: Tax rebates as part of the Economic Growth and Tax Relief Reconciliation Act of 2001. Tax rebates as part of the Economic Stimulus Act of 2008. First coronavirus stimulus ...
The Get My Payment tool operates like an application for your stimulus payment. You can access the tool on the IRS website. You will need to input your Social Security number, date of birth and ...
The stimulus payments in 2020 and 2021 were not taxable income because they were actually advance payments of tax credits. A tax credit is a dollar-for-dollar reduction in the amount of your tax ...
If you haven't received your third government stimulus payment yet, there's a way to track it down without going to the IRS website and navigating the seemingly endless maze of menu links, FAQs and...
The Economic Recovery and Middle-Class Tax Relief Act of 2009 H.R. 470 is a bill introduced to the United States House of Representatives during the 111th congress on January 13, 2009. The bill was sponsored by Representative Scott Garrett of New Jersey along with 80 co-sponsors. The bill is a product of a conservative house caucus, the 100 ...
As the IRS explained in a March 4 announcement, the Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments, also known as stimulus ...