In response to these unprecedented times, the federal government has created a stimulus plan to provide much-needed support to those impacted by the coronavirus (COVID-19). As part of this plan, the automatic distribution of economic impact payments will begin in the next several weeks.
| What you need to know about the payments Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. Payments to individuals will be reduced for those with an adjusted gross income more than $75,000 and will be zero for those with an adjusted gross income more than $99,000. *Payments to couples will be reduced for those with an adjusted gross income more than $150,000 and will be zero for those with an adjusted gross income more than $198,000. How you will receive your payment If the IRS does not have your direct deposit information, a solution is in the works. In the coming weeks, the Department of the Treasury plans to develop a web-based portal, so you'll be able to provide your routing and account numbers to the IRS online to set up a direct deposit. Setting up a direct deposit will help to ensure you receive your payment more quickly than waiting for a check in the mail. The IRS will provide updated information as it becomes available. How to access your funds if you receive a paper check |
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