Everything you need to know about the 2020 Stimulus Checks:
According to the Treasury Department and the Internal Revenue Service, distribution of economic impact payments will begin this month (April 2020). These payments will be provided to individuals with a Social Security number and who are not a dependent on someone else’s tax return.
Here’s the breakdown:
- Individuals who make a gross income of $75,000 will receive $1,200
- Married couples who make up to $150,000 jointly will receive $2,400
- There will be an additional $500 distributed per each qualifying child
- If you earn more than the listed amounts above, your payment will be reduced by $5 for each $100 above the thresholds
- You are not eligible for this relief if you exceed $99,000 individually and $198,000 jointly
Other things to know:
- There is no action required on your end to receive these payments
- If you have already filed your 2019 tax returns, the IRS will use this information to calculate the payment amount. If you have yet to file this year, they will use the information from 2018
- If you are a Social Security recipient or railroad retiree and did not file taxes in 2018 or 2019, the IRS will use Forms SSA-1099 or RRB-1099 to generate your economic impact payments
- If you haven’t filed for either 2018 or 2019, there is still time! These payments will be available throughout the rest of 2020
- Speaking of taxes, the new deadline to FILE + PAY has been extended to July 15, 2020
For more information, visit: irs.gov/coronavirus-tax-relief-and-economic-impact-payments