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IRS Releases Information for Economic Impact/Stimulus Payments

The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law provides, among other items, a one-time payment to individuals to help ease the economic strain caused by the coronavirus epidemic. A one-time payment of $1,200 will be sent to most adults. For every qualifying child under age 17, families will receive an additional $500. Retirees and people on disability are also eligible to receive a payment. Phaseouts do apply at upper income levels. You can find full details in our previous correspondence here.

The impact payments, also referred to by some as stimulus payments, are “automatic for most taxpayers” according to the IRS. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. If you are a non-filer or you need to give the IRS updated banking or address information, they have set up a web portal for these purposes HERE.

Non-Filers

  • If you did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income.

(or)

  • If you weren’t required to file a 2018 or 2019 federal income tax return for other reasons

You will need to make sure the IRS has current up-to-date banking and/or address information so that you can receive your payment.

Filers can update their banking or address information, check the status of their payment, or change the payment type (direct deposit or check) on the “Get My Payment” portal linked above starting in “mid-April” according to the IRS.

If you know of a friend or loved one that is a non-filer in 2018/2019 please pass this information along to them. We’re all in this together!