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1. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
2. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.
3. Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.
4. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
5. WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.
6. For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount.
7. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment.
8. The IRS will calculate and automatically send the economic impact payment to those eligible.
9. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
10. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
11. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
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