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ECONOMIC IMPACT PAYMENTS INFORMATION

The IRS has reported that millions of Americans have already received their Economic Impact Payments (Payments) authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Internal Revenue Service (IRS) continues to calculate and automatically send the Payments to most eligible individuals, however some may have to provide additional information to the IRS to get their Payments.

Who is eligible? (updated April 26, 2020)

U.S. citizens and U.S. resident aliens will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

  • $75,000 for individuals if their filing status was single or married filing separately
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their AGI is between:

  • $75,000 and $99,000 if their filing status was single or married filing separately
  • 112,500 and $136,500 for head of household
  • $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.

How much is it worth?

Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.

I recently filed a tax return. What do I need to do to get a Payment?

You DO NOT need to take any further action if you filed a federal income tax return for 2018 or 2019. If you already filed your tax return for 2019, the IRS will use this information to calculate the Payment amount. If you haven’t filed your tax return for 2019 but filed a 2018 federal income tax return, the IRS will use the information from your 2018 tax return to calculate the Payment amount.

If you filed your 2018 or 2019 tax return, you can check Get My Payment for the status of your Economic Impact Payment.

What is the amount of the Payment I will receive? Who is a qualifying child? 

Eligible individuals will receive $1,200. Two eligible individuals filing a joint return will receive $2,400. Eligible individuals will receive up to an additional $500 Payment for each qualifying child who meets the conditions outlined on our Qualifying Child Requirements page.

Will I receive notification from the IRS about my Payment?

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.

The IRS is regularly updating their website with additional information regarding the Economic Impact Payments. Additional answers to the most commonly asked questions relating to the Economic Stimulus Payments can be found at the IRS Economic Payment Information Center.

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