CARES ActWhat specific tax credit are you referring to? I’ve had all kinds of tax credits over the years, but they were specific to kids, and such. Meaning, not everyone gets them depending on their individual situation.
page 55
page 56‘‘SEC. 6428. 2020 RECOVERY REBATES FOR INDIVIDUALS.
‘‘(a) IN GENERAL. — In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the sum of —
‘‘(1) $1,200 ($2,400 in the case of eligible individuals filing a joint return), plus
‘‘(2) an amount equal to the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.
Basically, the government sends you an Advanced Refund now and when you file your next tax return you get to claim a Credit which you immediately offset with the amount of the Advanced Refund you previously received.‘‘(f) ADVANCE REFUNDS AND CREDITS. —
‘‘(1) IN GENERAL. — Subject to paragraph (5), each individual who was an eligible individual for such individual’s first taxable year beginning in 2019 shall be treated as having made a payment against the tax imposed by chapter 1 for such taxable year in an amount equal to the advance refund amount for such taxable year.
‘‘(2) ADVANCE REFUND AMOUNT. — For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such taxable year if this section (other than subsection (e) and this subsection) had applied to such taxable year.