COVID-19 STIMULUS CHECK

Here is ALL you need to know about the Covid-19 (coronaVirus) Economic Impact Check Payment. For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees

Who Is Eligible?

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

Who Is Not Eligible

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: Your adjusted gross income is greater than $99,000 if your filing status was single or married filing separately $136,500 for head of household $198,000 if your filing status was married filing jointly You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return. You do not have a valid Social Security number. You are a nonresident alien. You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.

How Much Is It Worth?

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.

Do I Need To Take Action?

People who filed a tax return for 2019 or 2018 No additional action is needed by taxpayers who: have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount. haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.