Direct Economic Relief
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, and provides economic relief to American families through direct payments.
- Individuals making up to $75,000 ($150,000 for married workers) will receive payments of $1,200 with an additional $500 payment per minor child.
- For American taxpayers who have bank accounts on file with the IRS, the IRS will directly deposit their total stimulus payment into their bank accounts.
- For those who do not have a bank account on file with the IRS, eligibility for checks from the IRS will be based on 2018 and 2019 returns, and for Social Security (retirement and disability) and Railroad Retirement beneficiaries, they will use information from the Social Security Administration and Railroad Retirement Board.
- Click here for a useful calculator tool to determine how much you or your family will qualify to receive.
- To check the status of your rebate and provide necessary banking information the IRS might need, click here.
- Non-filers, The Treasury and IRS have released a quick registration tool for the folks that don’t normally file a tax return. Fill out your information at the link here.
SCAM Alert: The IRS will never call to request any personal or financial information for you to get your economic impact payment. If you get a call, hang up!
FREQUENTLY ASKED QUESTIONS
Who qualifies to receive a check and how much will an individual receive?
- Anyone who filed a tax return this year or last year. Individuals receive $1,200, married couples receive $2,400, and child dependents (under 17) receive $500.
- Individuals making up to $75,000 ($150,000 for married workers) will receive payments of $1,200 with an additional $500 payment per minor child. Married couples receive $2,400. The payments decrease ratably and stop altogether for single workers making more than $99,000 ($198,000 for married workers and $218,000 for a family of four.)
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.
When will I get my check? As of April 2, 2020, the latest estimated timing from the IRS is as follows:
- The IRS will make about 60 million payments to Americans through direct deposit in mid-April (likely, the week of April 13th). The IRS has direct deposit information for these individuals from their 2018 or 2019 tax returns. This will include SSA beneficiaries who filed federal tax returns that included direct deposit information.
- Shortly after the first round of payments are made in mid-April, the IRS plans to make a second run of payments. These will be made to SS beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit.
- About 3 weeks after the first round of payments are made (the week of May 4th), the IRS will begin issuing paper checks to individuals.
- The paper checks will be issued at a rate of about 5 million per week, which could take up to 20 weeks to get all the checks out.
- The checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.
I am not typically required to file a tax return. Can I still receive my payment?
- Yes. 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.
I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
- Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
I need to file a tax return. How long are the economic impact payments available?
- For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.