Unsure if you will receive an economic impact payment? Here are some guidelines from the IRS. Most U.S. residents – under certain income levels – will receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social Security number.
Here’s how much the payments will be:
- Eligible individuals will receive up to $1,200.
- Eligible married couples will receive up to $2,400.
- Eligible individuals will receive up to $500 for each qualifying child.
Taxpayers will receive a reduced payment if their adjusted gross income is between:
- $75,000 and $99,000 if their filing status was single or married filing separately
- $112,500 and $136,500 for head of household
- $150,000 and $198,000 if their filing status was married filing jointly
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an Economic Impact Payment.
Payments will also be automatic for people who receive Social Security retirement, disability (SSDI), or survivor benefits or Railroad Retirement benefits who don’t normally file a tax return. Those receiving these benefits who aren’t claimed as a dependent on someone else’s return or required to file a tax return are eligible for a $1,200 payment. However, people in this group who have qualifying children under age 17 will need to provide information using the Non-Filers: Enter Payment Info tool to claim the $500 payment per child.
As always, if you have questions, contact the Crosslin tax team at 615.320.5500 and we’d be happy to help.