What You Need to Know About the Government Stimulus Payments

Updated April 17 at 10:30 a.m.

You may have heard recently that the Economic Impact Payments are starting to be paid. Here is what you need to know.

The payments are generally for all US residents with adjusted gross income up to $75,000 or $150,000 married filing joint (MFJ). Rebates are $1,200 ($2,400 MFJ) and an additional $500 per child under the age of 17. The rebates are phased out by $5 for every $100 over the threshold. Rebates are fully phased out at $99,000 single and $198,000 MFJ. The income limits are based on taxpayer’s 2019 tax returns. If a 2019 return has not been filed, the rebates will be based on 2018 tax returns and a true up will be made on the 2020 tax returns.

The IRS has recently updated their website with tools to help you determine your eligibility. Generally, no further action is required if you filed a 2018 or 2019 tax return or for most seniors and retirees. However, if you did not file a tax return and do not receive a 1099SA for social security benefits you may need to let the IRS know.

Non-filers are typically taxpayers with less than $12,200 (single) or $24,400 (married filing joint) of gross income in 2019 who are not required to file a tax return. Non-filers can use this IRS link to submit your information to the IRS for payment. You will need to provide the following information:

If you have moved or changed your direct deposit information since filing your last tax return, you should update your information with the IRS.

Taxpayers can check the status of their payments and update their information on the IRS website’s Get My Payment page. Additional general information is available on our COVID-19 Resources page.

As a reminder, many things are changing rapidly with the COVID-19 relief provisions. Some recent updates include the following:

As always, these and other documents can be found on our website by clicking here. We are here to assist in these difficult times. Please don’t hesitate to reach out to us.