El Treasury Department and Internal Revenue Service announced today (01.04.2020) that the distribution of the economic impact payments will start in the next three weeks and will be distributed automatically, with no action required from most people.
By MiamiDiario Newsroom
However, some seniors who typically do not file returns will need to file a simple return to receive payment.
Who is eligible for the Economic Impact Payment?
Those who file tax returns with adjusted gross income of up to $75,000 for individuals and up to $150,000 for married couples filing jointly will receive the full payment. For those with income above those amounts, the payment amount is reduced by $5 for every $100 above the $75,000/$150,000 thresholds. Individual applicants with income greater than $99,000 and those filing jointly with income of $198,000, with no children are not eligible.
Eligible taxpayers who filed 2019 or 2018 tax returns 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?
Most people do not need to take any action. The IRS will automatically calculate and send the Economic Impact Payment to those eligible.
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 2019 return, the IRS will use information from their 2018 tax filing to make Economic Impact Payment calculations. The economic impact payment will be deposited directly into the same bank account shown on the filed return.
The IRS does not have my direct deposit information. What I can do?
In the coming weeks, Treasury plans to develop an online tool for individuals to provide their banking information to the IRS online, so people can receive their payments immediately instead of mailing checks.
I am not normally required to file a tax return. Can I still receive my payment?
Yes. People who don't usually file a tax return will need to file a simple return to receive an Economic Impact Payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans, and individuals with disabilities who do not normally file will not owe taxes.
How can I file the necessary declaration to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information with instructions on how people in these groups can file a simple but necessary 2019 return, which includes their filing status, number of dependents, and direct deposit information from their bank account.
I have not filed my tax return for 2018 or 2019. Can I still receive an Economic Impact Payment?
Yes. The IRS urges anyone who is required to file a 2018 or 2019 tax return to file as soon as possible to receive an Economic Impact Payment. It is important to include banking information for direct deposit on the return.
I have to file a tax return. How long will Economic Impact Payments be available?
For those concerned about visiting a tax professional or local community organization in person for help with their tax return, the IRS emphasizes that these Economic Impact Payments will be available throughout the rest of 2020.
¿Where can I find additional information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it is available. The IRS has limited staff in many of its offices but remains committed to helping eligible taxpayers receive their checks as efficiently as possible. Taxpayers are urged to seek up-to-date information on IRS.gov/coronavirus or instead of calling the IRS as the limited number of assistants available are helping process 2019 returns.
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