Economic Impact Payments: What You Need to Know
Who is eligible for the economic impact payment?
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment
For filers with income above those amounts, the payments are reduced.
Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019.
How will the IRS know where to send the payment?
The IRS will use information from the 2019 tax returns to determine payment amounts and where to send payments.
For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing.
The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
What if the IRS does not have your direct deposit information. What can you do?
Within the next few weeks, a web-based portal will be available 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.
What if you should have filed for 2018 or 2019 but did not file? Can you 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.
How long are the economic impact payments available?
These economic impact payments will be available throughout the rest of 2020.
Where can You get more information as it becomes available?
Visit IRS.gov/coronavirus .