How to calculate the Economic Impact Payment
· $75,000 for single or marries filing separate taxpayers
· $112,500 for head of household filers
· $150,000 for married filing jointly
will automatically receive a $1,200 payment, $2,400 if married filing jointly.
You will receive a reduced payment if your income falls between the following:
· $75,000 and $99,000 if filing status was single or married filing separately
· $112,500 and $136,500 for head of household
· $150,000 and $198,000 if the filing status is married filing jointly
The payment will be reduced by $5 for every $100 above the $75,000/$112,500/$150,000 threshold.
If your income is above these levels then you are not eligible for the stimulus payment.
Taxpayers will qualify for an additional $500 for each eligible child under the age of 17.
If you have filed your 2018 or 2019 tax return then you will not need to take any further action. You can visit the IRS.gov website and provide direct deposit information to the IRS to receive your payment if it was not previously provided on your 2018 or 2019 tax return. You can also check the status of your payment on their website.
If you are not typically required to file a tax return please visit the IRS website and submit your information to the “Non-Filers” portal to see if you are eligible for a stimulus payment. Please note that retires that receive either Social Security Retirement or Railroad Retirement benefits will receive a payment automatically.
For security reasons the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment has been paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. The IRS is urging taxpayers that if they do not think the letter is legitimate, then they should visit the IRS.gov website to check on the status of their payment.