Economic Impact stimulus payments
Updated May 14th - For information regarding the Economic Impact stimulus benefits, please visit the Internal Revenue Service's website: https://www.irs.gov/coronavirus/economic-impact-payments
These benefits are automatic for most taxpayers and in all cases, the program will not run out of money. No further action is needed by taxpayers who filed tax returns in 2018 or 2019 or anyone who receives benefits from the Social Security Administration or the Railroad Retirement Board. SSI recipients who did not file 2018 or 2019 taxes and did not report their dependants to the IRS by May 5th will need to wait to claim them when they file their 2020 tax return.
While payments were made in mid-April for those who have received direct deposit refunds from either 2018 or 2019 tax returns and in early May for non-filers receiving Social Security benefits, the IRS is now mailing out stimulus checks for all other recipients.
All recipients will receive a notice from the IRS approximately 2 weeks after their payment was sent confirming the amount of the benefit and how it was delivered. If you receive a notice confirming that your payment was sent, but you did not receive it, please contact your tax preparer and review your income tax return (Form 1040). While there is not a way to look into a payment dispute at this time, the IRS will be providing a way to look into these matters once all payments have been distributed.
Individuals encounter problems with the online tools at IRS.gov should consult this FAQ for the best availale information.
Please note, the Internal Revenue Service has closed all Taxpayer Assistance Centers and many Service Centers in response to the COVID-19 pandemic. The IRS has also delayed the federal tax filing deadline from April 15 to July 15. For additional details on these and future announcements, please visit https://www.irs.gov/coronavirus.
For information regarding the Economic Impact stimulus benefits, please visit the Internal Revenue Service's website: https://www.irs.gov/coronavirus/economic-impact-payments
Who is eligible for the economic impact payment?
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 payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
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. Parents also receive $500 for each qualifying child.
How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.
I have not filed my tax return for 2018 or 2019. Can I 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.
I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.