What You Need to Know About the Economic Impact Payments or Stimulus Deposits

Posted on Tuesday, April 14, 2020 in News and Announcements

Government Building What You Need to Know About the Economic Impact Payments or Stimulus Deposits

When will you start receiving your money?

The federal government stimulus deposits will start posting in accounts the morning of Wednesday, April 15 through the rest of the year. If you are receiving a paper stimulus check, they’ll start arriving in May. 

Check your payment status here.

Am I eligible?

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

  • $75,000 for individuals
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their AGI is between:

  • $75,000 and $99,000 if their filing status was single or married filing separately
  • $112,500 and $136,500 for head of household
  • $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayer’s specific adjusted gross income.

See full eligibility requirements here.

How much money will I receive?

Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.

How will I receive my money?

If you have already filed your 2019 tax returns, the IRS will use the payment method you used to receive your 2019 tax return. For example if you used direct deposit, the economic impact payment will be deposited directly into the same banking account used on the return that was filed. If you had your refund sent via check in the mail, you will receive a check in the mail.

If you haven’t filed your 2019 taxes but filed a 2018 federal tax return. The IRS will use the information from 2018 tax filings.

What if my direct deposit and/or mailing address has changed since I last filed?

Update your information (including mailing address or direct deposit info) here.

What if I haven’t filed my 2018 or 2019 taxes?

Non-filers can enter their payment info here.

Please note: The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call, text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.

For more information on how to avoid Covid-19 related scams click here.

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