Economic
Impact Payment Amount
·
Up to $1,200 for individuals or $2,400 for
married couples. Parents also receive $500 for each qualifying child.
Eligibility
·
Is based on Adjusted gross income (AGI). This
information can be found on line 7 of your Internal Revenue Service (IRS) Form
1040.
·
AGI 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.
Receiving Payments
·
Eligible taxpayers who filed tax returns for
either 2019 or 2018 will automatically receive an economic impact payment via
direct deposit. Social Security beneficiaries who typically do not file a tax
return will automatically get the payment.
o
Rebates are technically tax credits that are
based on the Adjusted Gross Income amount in the 2019 tax return, if filed, or
2018 if not. If a return hasn’t been filed in 2018 or 2019, no payment will
be issued, unless you already receive social security benefits.
o
No minimum income or tax payments are required
to receive the rebate payment, so all households need to consider filing a
return if they haven’t.
o
No payments will be made to individuals
(including children) without a valid social security number on file at the IRS.
·
No application is required, and payments will
be made automatically by the IRS based on the information in your tax
return. The Treasury has said the payments will be made within three weeks -
but that will likely be direct deposits to household bank accounts when the IRS
has a record of the account. Other payments are to be made by check or debit
card issuance and will likely take longer.
·
However, if you have not filed taxes in 2018
or 2019, it is recommended that you free file taxes through the IRS Free File program to ensure
eligibility.
·
Additionally, the IRS will
soon provide information instructing people on how to file a 2019 tax return
with simple information: filing
status, number of dependents and bank account information.
·
If you do not have a bank account, the IRS will
mail your check to your address on your tax return.
·
These economic impact payments will be available
throughout the rest of 2020.
·
The
deadline to file 2019 taxes has been extended to July 15th.
