COVID Tax Tip 2020-40: Here’s how much individuals will get from the Economic Impact Payments

 

IRS Tax Tips April 14, 2020

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Issue Number:    COVID Tax Tip 2020-40 Here's how much individuals will get from the Economic Impact Payments Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? 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. The IRS encourages people to share this information with family and friends. Some people who normally don't file a tax return may not realize they're eligible for an Economic Impact Payment. For additional and updated information, visit the Coronavirus Tax Relief page on IRS.gov. More information: Economic Impact Payment Adjusted Gross Income Economic Impact Payments e-Poster Do I Need to File a Tax Return? Whom May I Claim as a Dependent? What Is My Filing Status? Share this tip on social media -- #IRSTaxTip: Here's how much individuals will get from the Economic Impact Payments. https://go.usa.gov/xvKm8 Back to Top         Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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