What is Economic impact payment?

Payments being made by the US Government to most US residents to reflect the financial impact that COVID-19 (Coronavirus) is having both on families and the economy as a whole is called economic impact payment.

The payment is worth $1,200 for individual taxpayers (or head of household) and $2,400 for married couples filing (their taxes) jointly. In addition, you will receive $500 per qualifying child.  You must have a ‘work-eligible’ Social Security Number, and NOT be a dependent of another taxpayer.

The EIP will be paid in full up to an adjusted gross income limit of:

  • $75,000 for individuals
  • $112,500 for the head of household
  • $150,000 for married couples filing jointly

Above these amounts, taxpayers will receive reduced amounts based on their specific adjusted gross income (AGI).

Am I entitled to Economic impact payment?

The answer is almost certainly YES. If you are a current taxpayer or have filed tax returns in 2018 or 2019 (if you were not required to file a Federal tax return see NON-FILERS below), are a senior or retiree, the payment is automatic.  Payments should be made to eligible individuals during APRIL 2020.

Here is how filers who are wanting to check in on their status or didn’t receive their check/deposit can update information https://www.irs.gov/coronavirus/get-my-payment

Am I entitled in the case of Non-filing?

If you did not or were not required to file a federal income tax return for 2019 if, for example, your gross income did not exceed $12,200 ($24,400 for married couples) you are still entitled to an ECONOMIC IMPACT PAYMENT.

Here is how non-filers can get paid  https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

Information you will need to provide to qualify for economic impact payment

  • Full name, current mailing address and an email address
  • Date of birth and valid Social Security number
  • Bank account number, type, and routing number, if you have one
  • Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year if you have one
  • Driver’s license or state-issued ID, if you have one
  • For each qualifying child: name, Social Security number or Adoption Taxpayer Identification Number and their relationship to you or your spouse

You can provide this information to the IRS quickly and easily at Non-Filers: Enter Payment Info. (XXXXXXXXX). The service is FREE.  No further action is necessary.  The information you provide will determine your eligibility and the amount to which you are entitled.Photo by Olya Kobruseva from Pexels

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