2020 Stimulus Checks
The Treasury Department and Internal Revenue Service announced they will be disbursing stimulus checks in 2020 to qualified taxpayers as part of the effort to alleviate the economic crisis caused by Coronavirus.
The 2020 stimulus checks were generated by the Coronavirus Aid Relief, and Economic Security (CARES) act signed on March 27th. The payment is considered a refundable credit to eligible taxpayers, and it will not affect any tax filers’ refund or payment amount from any recent or future tax return. The payment is expected to be deposited into the bank account used on the most recent tax return. If you do not have direct deposit set up on your return, you may visit the IRS website where a web-based portal will be available for individuals to provide direct deposit information.
Individual tax filers with an adjusted gross income of $75,000 or less will be eligible to receive $1,200, and couples who filed under married filing jointly with an adjusted gross income of $150,000 or less are eligible to receive $2,400. Additionally, qualified tax filers may receive up to $500 for each qualifying child from either their 2019 or 2018 tax return. The adjusted gross income used is based on the more recent tax return filed from either 2019 or 2018 tax year. Filers with adjusted gross income above those amounts will receive $5 less for every $100 above the $75,000 or $150,000 threshold. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
What if I didn’t file a tax return in 2019 or 2018?
If you don’t have a tax filing obligation because you receive only Social Security Benefits or Railroad Retirement Benefits, you are not required to file in order to receive a stimulus check. The IRS will use form SSA-1099 or RRB-1099 to generate payments. However, since the IRS does not have information regarding dependents for those people, then everyone would receive $1,200 without any extra amount.
If you do have a tax filing obligation but have not filed in 2018 or 2019, then there is still plenty of time to file and receive the payment. Stimulus checks will begin generating in the next few weeks and will continue throughout the rest of 2020. Therefore, the IRS urges you to file and include direct deposit information to receive economic assistance.
For more information please visit https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know