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Economic Stimulus Payments to Individuals

posted May 1, 2020, 10:41 AM by Zaher Fallahi   [ updated May 1, 2020, 10:43 AM ]

Economic Stimulus Payments to Individuals

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. Parents also receive $500 for each qualifying child. The Treasury had initially announced that some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. However, per Treasury’s latest announcement, Social Security recipients who do not typically file tax returns will not have to file a return to receive stimulus payments.


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. Click here for more information; Coronavirus Economic Impact Payments