Economic impact payments: FAQs
How much is the economic impact payment?
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 and up to $500 for each qualifying child.
When will the economic impact payments be disbursed?
Distribution of economic impact payments will begin sometime in April and will be distributed automatically. Economic impact payments will be available throughout the rest of 2020.
Who is eligible for the economic impact payment?
Full Payment: Single filers with adjusted gross income up to $75,000 Married filing jointly with adjusted gross income up to $150,000
Partial Payment: Single filers with AGI above $75,000: The payment amount is reduced by $5 for each $100 above the $75,000 threshold. Married filing jointly with AGI above $150,000: The payment amount is reduced by $5 for each $100 above the $150,000 threshold.
No payment: Single filers with no children with income exceeding $99,000 Married filing jointly with no children with income exceeding $198,000
Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.
Social Security Recipients Will Automatically Receive Economic Impact Payments
Social Security recipients who are not typically required to file a tax return do not need to take any action, and will receive their payment directly to their bank account.
The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.
How will the IRS know where to send my payment?
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.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.