COVID-19 Relief and Assistance - Individuals
INDIVIDUAL ASSISTANCE
The IRS will begin distribution of economic impact payments automatically sometime later this month. The following information comes directly from the IRS website and is reformatted for better understanding.
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.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Payment Based on 2018 or 2019 Filed Tax Return
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
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.
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. Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return. Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.
How to Receive Payment
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
The IRS will use base the payment on your most recently filed tax return, either 2018 or 2019. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. 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.
Direct Deposit Info Portal
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
Payments Deadline
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
More Information
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
Brief explanation of the changes to the individual income tax filing deadline related to COVID-19