The Treasury Department and the Internal Revenue Service announced that distributions of economic impact stimulus checks have begun and will be distributed automatically, with no action required for most people.
Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.
How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible at the address on their tax return.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed. If banking information was not provided then a check will be mailed to their address on the tax return but it may be several weeks until it is completed.
How do I provide bank deposit information to get my check sooner, check the status of my stimulus check, or provide information if I do not normally file a tax return?
You can provide information to the IRS for purposes of receiving your stimulus check, check the status, or add direct deposit information at this IRS Coronavirus Link
I need to file a tax return. How long are the economic impact payments available?
The economic impact payments will be available throughout the rest of 2020.