Check your bank accounts because the Internal Revenue Service (IRS) is depositing the Economic Impact Payments into bank accounts already. A lot of people are anxious to get that relief money due to being laid off, furloughed or struggling with bills. If you haven't got anything, be paitent because you will within a three-week period.
The IRS has been depositing into those who had filed either a 2018 or 2019 tax return. For those who didn't file either, they're directing people to their IRS website to enter their payment information. Those who will be getting checks mailed out will get them starting the week of May 4th.
According to the IRS website, this is a list of people who are eligible for the relief stimulus.
U.S. residents will receive the Economic Impact Payment of $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:
Taxpayers will receive a reduced payment if their AGI is between:
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.
Unfortunately not everyone is going to be cut a check, here is a list of people who don't qualify for the payment.
Although some filers, such as high-income filers, will not qualify for an Economic Impact Payment, most will.
Taxpayers likely won't qualify for an Economic Impact Payment if any of the following apply:
This will be exactly the amount you're getting from the IRS.
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
As always, keep watch for scams. There's those people out there who want to take advantage of situations just like this one.
The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call , text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.