Due to COVID-19 Coronavirus spread’s impact on economy U.S. residents will receive the Economic Impact Payment (also called Stimulus Checks) of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer with a work eligible Social Security number.
Parents also get $500 for each eligible child under 17.
Who is eligible?
U.S. residents who are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to $75,000 for single or married filing separately filer, $112,500 for head of household filers and $150,000 for married couples filing joint returns.
Taxpayers will receive a reduced payment if their AGI is between $75,000 and $99,000 if their filing status was single or married filing separately, 112,500 and $136,500 for head of household $150,000 and $198,000 if their filing status was married filing jointly.
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
Who is not eligible?
- Your adjusted gross income is greater than $99,000 if your filing status was single or married filing separately, $136,500 for head of household $198,000 if your filing status was married filing jointly.
- You can be claimed as a dependent on someone else’s return.
- You do not have a valid Social Security number.
- You are a nonresident alien.
- You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.
Do I need to take action?
Most taxpayers don’t need to take any extra steps to receive a payment. The IRS will use information from a taxpayer’s 2019 tax return if they’ve filed it, or their 2018 tax return, if they haven’t.
What if I’m not required to file a tax return?
If you did not file taxes for 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples), you had no income or you weren’t required to file a 2018 or 2019 federal income tax return. You can create a request from IRS website Non-Filers section at this link https://www.irs.gov/coronavirus/economic-impact-payments
If you receive Social Security retirement, disability (SSDI), or survivor benefits and Railroad Retirement and Survivor Benefits IRS already has your information and you will receive $1,200. However if you receive these benefits and have qualifying children under age 17, you create a request from Non-filers section to claim the $500 payment per child.
What if I filed a tax return but did not enter my bank account details?
You can enter your payment info from IRS website section at this link https://www.irs.gov/coronavirus/economic-impact-payments
Are citizens living abroad eligible?
Yes. However please check other eligibility requirements above.
