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Economic impact payments: What you need to know

When will payments be made?
IRS currently projects that payments will be made beginning in the second half of April 2019.

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 of $1,200 for individuals and $2,400 for married couples. 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. Parents also receive $500 for each qualifying child.

I owe back taxes. Will I still receive a payment?
Currently, it appears that individuals with back tax liabilities will still be eligible to receive a stimulus payment.

The IRS does not have my direct deposit information. What can I do?
In the coming weeks, the IRS 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.

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, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.  Although the IRS originally stated that Social Security recipients would need to file to receive the payment, it now appears that they will not be required to file.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. Anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 should 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?
The economic impact payments will be available throughout the rest of 2020. If you need help filing a tax return, please click here to contact our office.