4/13/2020

INDIVIDUAL STIMULUS PAYMENT UPDATE

Federal -- Economic Impact Payments

The $1,200 Individual stimulus payments from the Federal government will be issued soon thru the IRS. The fastest way to receive yours is via direct deposit and two new utilities are available at irs.gov to provide your information if the IRS does not already have it.

Filers: Get Your Payment

This is for taxpayer’s that filed a tax return but did not provide direct deposit information.

To add your banking information, you will need to provide your Adjusted Gross Income along with the refund or amount owed from your latest filed tax return.

Non-Filers: Enter Your Payment Info Here

For those clients that may know of someone who is a Non-Filer, this utility is available to give them the ability to obtain their $1,200 stimulus payment.

Who is a Non-Filer? A U.S. Citizen or permanent resident who had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019, were not otherwise required to file a federal income tax return for 2019, and doesn’t plan to.

How much am I getting?

All U.S. residents or citizens with adjusted gross income under $75,000 ($112,500 for head of household and $150,000 married), who are not the dependent of another taxpayer and have a work-eligible Social Security Number, are eligible for the full $1,200 ($2,400 married) rebate. They are also eligible for an additional $500 per child. A typical family of four is eligible for a $3,400 recovery rebate.

The rebate amount is reduced by $5 for each $100 that a taxpayer’s income exceeds the phase-out threshold. The amount is completely phased-out for single filers with incomes exceeding $99,000, $146,500 for head of household filers with one child, and $198,000 for joint filers with no children. For a typical family of four, the amount is completely phased out for those with adjusted gross incomes exceeding $218,000.

For additional Q & A’s, see our original Stimulus article called Individual Stimulus Payment - CARES Act