Economic Stimulus FAQs

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.

Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child.

Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS portal to provide your direct deposit information to get paid as quickly as possible.

If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return with your banking information. Visit irs.gov/coronavirus for more information.
Source: U.S. Treasury

 

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate your payment amount. If you have not yet filed your return for 2019, the IRS will use information from your 2018 tax filing to calculate the payment.
Visit irs.gov/coronavirus to learn how much money you may be eligible to receive.

 

The eligibility for, and amount of stimulus payments, will vary according to your income and family situation, but you can find examples of the various scenarios here.

For eligible recipients, if you have filed a tax return for 2019 or 2018 or receive Social
Security from the government, the IRS will calculate and automatically send the economic impact payment to you. The economic impact payment will be deposited directly into the same account you indicated on your tax return.
Source: IRS

In the coming weeks, the IRS plans to develop a web-based portal for individuals to provide their banking information online. You'll need to visit the portal and provide your account number and routing number so that you can receive a payment directly to your bank account. Otherwise, you'll have to wait for a check in the mail.
Source: IRS

No, Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS web-based portal to provide your account number and routing number to get paid as quickly as possible.

The Treasury Department has said it wants payments to begin arriving around mid-April.
Direct Deposit payments will most likely arrive first.

In the coming weeks, the IRS plans to develop a web-based portal for individuals to check the status of their payment and/or provide their banking information online so that individuals can receive payments directly to their account if their payment has not already been sent as a check through the mail.

 

For eligible recipients, the fastest way to receive your payment is to make sure you’ve filed a tax return for 2019 or 2018 that includes your direct deposit information so the government can send the money directly to your account.

If you have yet to file a tax return for 2018 or 2019, you should file one now. The IRS will be sending out direct deposits weekly as they process additional tax filings.

For those concerned about visiting a tax professional or local community organization inperson to get help with a tax return, keep in mind that economic impact payments will beavailable throughout the rest of 2020.

You will get a paper notice in the mail from the IRS no later than a few weeks after your
payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made. If you cannot find the payment and have not received a paper notice, If you cannot locate the payment and have not received a paper notice, the IRS plans to open a new, online portal for economic impact payments. The portal will allow taxpayers, once authenticated, to find out the status of their economic impact payments and, if no payment or check has been issued, they can provide their banking information for direct deposit.

Payments will be made in the full amount owed and are not subject to income tax
deductions. According to Treasury, the payments may only be reduced by delinquent child support sent to the Treasury’s Bureau of Fiscal Service for collection, but you will receive notice from the Treasury if this happens.

Maybe. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to
generate economic impact payments to recipients of benefits reflected in the Form SSA-
1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time. Please visit IRS.gov/coronavirus for more information.

No. Economic impact payments are federal income tax refunds and are not subject to
federal income tax.

Source: Congressional Ways and Means Committee

The IRS and its Criminal Investigation Division are reporting a wave of new and evolving
phishing schemes (scammers who send emails with links to steal personal information that look like they come from legitimate sources) related to COVID-19. Be aware of the tactics fraudsters may deploy, such as:

If you receive unsolicited emails, text messages or social media attempts to gather
information that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), the IRS is asking that you forward it to phishing@irs.gov.