Are you getting a check as part of the Economic Impact Payments?
Here is what you need to know about your Economic Impact Payment. For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
Checks (or electronic funds transfer to your bank account listed on file with the IRS) $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 Adjusted Gross Income is between:
- $75,000 and $99,000 if their filing status was single or married filing separately; Over $99,000 is reduced to zero, no check.
- $112,500 and $136,500 for head of household; Over $136,500 is reduced to zero, no check.
- $150,000 and $198,000 if their filing status was married filing jointly; Over $198,000 is reduced to zero, no check.
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment.
This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically. That's right, even if you aren't actively working and receive retirement benefits from the Social Security payments you will receive an Economic Impact Payment. Please reach out if we can answer specific questions are help understand you situation.