Economic Stimulus Payments

Posted on: 4/13/20 by Amy L. Ethier

Economic Stimulus Payments

As part of the CARES Act, U.S. citizens could be receiving a check (or direct deposit) soon for as much as $1200 per individual filer ($2400 for married filing joint filers) and $500 per child.   These payments are intended to help offset the negative financial impact that the COVID-19 pandemic has had on families across the U.S.  Payments will be reduced by $100 for every $5 over the phaseout start range. 

Phaseouts for taxpayers with no qualifying child (children) are the following: 

  • Adjusted Gross Income between $75,000 and $99,000 for Single, or Married filing separate filers
  • Adjusted Gross Income between $112,500 and $136,500 for Head of Household filers
  • Adjusted Gross Income between $150,000 and $198,000 for Married filing joint filers

Economic impact (aka stimulus) payments will be automatically sent to individuals the same way they received a refund or paid balance due returns to the IRS for their 2018 or 2019 tax returns (whichever is the most recent tax filing).  So if you haven’t filed 2019 taxes yet and you got a direct deposit for your 2018 refund, then your stimulus payment will be directly deposited to the account in which you received your 2018 refund. If you received a check or paid a balance due by check then a stimulus check will be mailed to the address on your most recent filed return (2018 or 2019).  Options for payment will be expanded for those who paid or received checks, or had changed accounts or addresses.  Refer to  the IRS website’s “Get My Payment” section if you would like to change your payment options. For non-filers, which includes those who did not have a filing requirement due to their gross income, there is a link on the IRS website to input your info to collect payment.  For those who are non-filers because they are solely on Social Security, they do not have to take any action- the IRS will send their payment to the address on file with the SSA.

We encourage all of our clients, friends and families to go to the following link for additional information.

https://www.irs.gov/coronavirus/economic-impact-payments

Wishing good health to all!

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