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The Economic impact federal check.

IR-2020-61, March 30, 2020

According to The Treasury Department and the Internal Revenue Service, the distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required of your part. 

Taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.

Social security beneficiaries who are not required to file tax returns will not need to file an abbreviated tax return to receive an economic impact payment. The IRS will use the information on Form SSA-1099 to generate a $1,200 payment. 

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. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. 

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.

How will the IRS know where to send my payment?

The IRS will calculate and automatically 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 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.

Taxpayer who failed to provide direct deposit information in their tax return. Can do the following:

Wait for the IRS web-based portal for taxpayers to provide their banking information to the IRS.  This facilitates receive payments immediately as opposed to checks in the mail.

Where can I get more information?

The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.