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.
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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 paymentIf you received your 2019 tax refund by direct deposit, your economic impact payment will be deposited directly into the same banking account. If you’ve not filed your return for 2019, the account indicated on your 2018 tax filing will be used. 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 checkIf you did not receive your tax refund by direct deposit, the government will begin sending checks in the next several weeks. |
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