Pub. 17 2020 Issue 1

14 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S CORONAVIRUS RELIEF CHECKS: WHAT YOU NEED TO KNOW By Greg Friedman, Associate General Counsel, Compliance Alliance U nless you’ve been l iv ing under a quarant ine rock, you’re undoubtedly aware that Congress passed, and President Trump signed into law H.R.748, better known as the CARES Act, on March 27th, 2020. The Law provides multiple forms of relief, including the $350 billion Paycheck Protection Program and a delayed tax- return deadline of July 15th. The most important form of relief, however, is the disbursement of relief checks intended for the majority of Americans. Who gets a check? The majority of Americans are eligible to receive a stimulus check if they meet certain qualifications set out in the Law. Specifically, eligibility will be based on each individual’s most recent tax return and adjusted gross income (AGI), which is difficult to explain but quite straightforward with this delight - ful formula: Adjusted Gross Income = Gross Income – Adjustments To Income Gross Income = Wages, Dividends, Capital Gains, Business Income, Retirement Distributions, Etc. Adjustments To Income = Educator Expenses, Student Loan Interest, Alimony Payments, & Retirement Account Contributions