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. 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.
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.
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.
