Back to top

Blog

Click here to go back

Economic Impact Payments: What you need to know

Posted by Admin Posted on Apr 03 2020

Economic Impact Payments: What you need to know

Check IRS.gov for the latest information: No action needed by most people at this time

IR-2020-61, March 30, 2020WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.

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 .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. 

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 and up to $500 for each qualifying child.

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.

If you are not typically required to file a tax return. Will you still receive payment?

Yes!

Where can I get more information?

Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.