The Treasury Department and the Internal Revenue Service announced that they will begin distributing the Coronavirus economic impact payments in three weeks. Payments are automatic, with no action required for most people. However, taxpayers that do not normally file their taxes will need to do so to receive their Coronavirus stimulus checks.
Who is eligible to receive Coronavirus stimulus checks?
If your adjusted gross income is less than $75,000 as an individual or $150,000 filing jointly, you will receive the full payment. Your payout will drop by $5 for each $100 you made over the threshold. Single filers earning above $99,000 or joint filers over $198,000, with no children, will not receive Coronavirus stimulus checks.
If you are eligible and filed tax returns for 2019 or 2018, you will receive the full economic impact payment. The maximum you can receive is $1,200 for individuals or $2,400 filing jointly and up to $500 for each qualifying child.
How will I receive my economic impact payment?
If you have already filed your 2019 taxes, the IRS will use this information to calculate your payout. However, if you have not yet filed, they will use the information from your 2018 tax return. The IRS will use the taxpayer’s most recent bank information to deposit Coronavirus stimulus checks.
When will Coronavirus stimulus checks be issued?
Payments will begin automatically within the next three weeks. If you are a Social Security beneficiary and are not required to file a tax return, you will receive your payment automatically in the same way you usually get your benefits. It will either be deposited into your bank account, or you will receive a paper check.
However, if you do not typically file a tax return, you will need to submit a simple tax return to receive the economic impact payment.
What should I do if the IRS does not have my direct deposit information?
The Treasury Department plans to develop a web-based portal in the next few weeks. Individuals can use the portal to provide their banking information to the IRS. This will allow people to receive their payments immediately, rather than waiting for a paper check by mail.
Don’t have a social security card?
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