Economic Impact Payment (Stimulus Check)

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• Eligible taxpayers will receive $1,200 per person. For married couples, it will be $2,400 and up to $500 for each qualifying child.
• For single tax filers with adjusted gross income up to $75,000 will receive the full payment. Single tax filers with income over $99,000 are not eligible.
• Married couples filing joint returns with adjusted gross income up to $150,000 will receive the full payment. Joint filers with income over $198,000 with no children are not eligible.
• Income above those amounts, stimulus check will be reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
• If you filed your 2018 or 2019 taxes, all you do is wait. The IRS will automatically direct deposit or mail payments to the account listed on your last tax return.
• 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 government plans to issue payments over the next few months, starting in April.
   

The IRS will use your most current tax return (2018 or 2019) to determine:
•  Your annual income for your economic impact payment (stimulus) payout amount
•  Your direct deposit information or mailing address If you’ve already filed your 2019 taxes, you’re all set.

• Haven’t filed your 2019 taxes? That’s fine if you filed a 2018 tax return. IRS will use information from your 2018 return. But, if your information has changed since your last tax return, now would be a good time to file so the IRS has your most current info.
• If you did not choose a direct deposit into your bank account for the 2019 tax return it will be mailed to the address. If you have moved since then, you can file a change of address through the IRS website https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes

Which taxpayers are eligible? 

Most taxpayers within the income ranges above are eligible for the stimulus check. Taxpayer must have a Social Security number.  

Which taxpayers are not eligible? 

The following taxpayers are NOT eligible to receive a economic impact payment:

• Non-resident aliens 
• Anyone who is a dependent (17 years or older)
• Estates or trusts. For example, if you have a trust set up for a child or dependent and that trust generated income during the year, the trust will not receive the stimulus payment.

I have dependents 17 and over, will I receive $500 for them? 

You will receive $500 for children 16 and younger if you were able to claim them for the Child Tax Credit.

What is the income amount to receive the full amount? 

To receive the full amount, your 2018 or 2019 Adjusted Gross Income must be below the following amounts for your tax filing status:

• If you filed married filing jointly, your household income must be below $150,000.
• If you filed as Head-of-Household, your income must be below $112,500
• If you filed single individual or married filing separately or as a Qualified Widow, your income must be below $75,000

If your AGI was more than the amounts above, the credit will be reduced by $5 for each $100 over the limit. Ex. If you filed single with no children and your AGI was $85,000 in 2019, your check amount would be $700. When you enter your information into the stimulus check calculator, it will reflect these details in your result.

When will I receive my stimulus check? 

The government plans to issue payments over the next few months starting in April..

How will the IRS send me my stimulus check?

The IRS plans to use the bank or financial account information listed on your most recent tax return or they will mail you a payment to your address on record if no account information is available.

The IRS does not have my direct deposit information. What can I do? 

In the coming weeks, Treasury plans to develop a web-based portal 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.

How do I update my IRS information?

The best way to update your information is to file your taxes. The IRS will use the bank account or address on your most recent filing. The Treasury is also creating a dedicated stimulus website that will allow users to provide the IRS your banking information online in the future.

Will I owe taxes on the stimulus check money?

No, you will not owe taxes on your payment. The legislation specifically states the payment will not be taxable.

What if I haven’t filed a return in 2018 or 2019?

You should try to file those returns immediately so the IRS has the most current information to process your payment. The IRS strongly urges those who haven’t filed yet and would normally file with direct deposit. This will speed up the delivery of your payment directly to your bank account. Due to limited IRS staff levels in IRS processing centers as a result of COVID-19, the economic impact payment for those who file paper tax returns may be delayed. 

How long are the economic impact payments available? 

These economic impact payments will be available throughout the rest of 2020.

• Eligible taxpayers will receive $1,200 per person. For married couples, it will be $2,400 and up to $500 for each qualifying child.
• For single tax filers with adjusted gross income up to $75,000 will receive the full payment. Single tax filers with income over $99,000 are not eligible.
• Married couples filing joint returns with adjusted gross income up to $150,000 will receive the full payment. Joint filers with income over $198,000 with no children are not eligible.
• Income above those amounts, stimulus check will be reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
• If you filed your 2018 or 2019 taxes, all you do is wait. The IRS will automatically direct deposit or mail payments to the account listed on your last tax return.
• 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 government plans to issue payments over the next few months, starting in April.
   

The IRS will use your most current tax return (2018 or 2019) to determine:
•  Your annual income for your economic impact payment (stimulus) payout amount
•  Your direct deposit information or mailing address If you’ve already filed your 2019 taxes, you’re all set.

• Haven’t filed your 2019 taxes? That’s fine if you filed a 2018 tax return. IRS will use information from your 2018 return. But, if your information has changed since your last tax return, now would be a good time to file so the IRS has your most current info.
• If you did not choose a direct deposit into your bank account for the 2019 tax return it will be mailed to the address. If you have moved since then, you can file a change of address through the IRS website https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes

Which taxpayers are eligible? 

Most taxpayers within the income ranges above are eligible for the stimulus check. Taxpayer must have a Social Security number.  

Which taxpayers are not eligible? 

The following taxpayers are NOT eligible to receive a economic impact payment:

• Non-resident aliens 
• Anyone who is a dependent (17 years or older)
• Estates or trusts. For example, if you have a trust set up for a child or dependent and that trust generated income during the year, the trust will not receive the stimulus payment.

I have dependents 17 and over, will I receive $500 for them? 

You will receive $500 for children 16 and younger if you were able to claim them for the Child Tax Credit.

What is the income amount to receive the full amount? 

To receive the full amount, your 2018 or 2019 Adjusted Gross Income must be below the following amounts for your tax filing status:

• If you filed married filing jointly, your household income must be below $150,000.
• If you filed as Head-of-Household, your income must be below $112,500
• If you filed single individual or married filing separately or as a Qualified Widow, your income must be below $75,000

If your AGI was more than the amounts above, the credit will be reduced by $5 for each $100 over the limit. Ex. If you filed single with no children and your AGI was $85,000 in 2019, your check amount would be $700. When you enter your information into the stimulus check calculator, it will reflect these details in your result.

When will I receive my stimulus check? 

The government plans to issue payments over the next few months starting in April..

How will the IRS send me my stimulus check?

The IRS plans to use the bank or financial account information listed on your most recent tax return or they will mail you a payment to your address on record if no account information is available.

The IRS does not have my direct deposit information. What can I do? 

In the coming weeks, Treasury plans to develop a web-based portal 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.

How do I update my IRS information?

The best way to update your information is to file your taxes. The IRS will use the bank account or address on your most recent filing. The Treasury is also creating a dedicated stimulus website that will allow users to provide the IRS your banking information online in the future.

Will I owe taxes on the stimulus check money?

No, you will not owe taxes on your payment. The legislation specifically states the payment will not be taxable.

What if I haven’t filed a return in 2018 or 2019?

You should try to file those returns immediately so the IRS has the most current information to process your payment. The IRS strongly urges those who haven’t filed yet and would normally file with direct deposit. This will speed up the delivery of your payment directly to your bank account. Due to limited IRS staff levels in IRS processing centers as a result of COVID-19, the economic impact payment for those who file paper tax returns may be delayed. 

How long are the economic impact payments available? 

These economic impact payments will be available throughout the rest of 2020.