Stimulus Checks

IRS cautions don’t call. Most will receive their stimulus check automatically. Payments will be made via direct deposit if the IRS has your banking information. If the IRS does not have your banking information a check will be mailed.

According to IRS, “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. 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.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.”

For people who have already filed a tax return for 2019 the IRS will use that information to calculate the amount of payment. Otherwise they will use 2018 tax return information.

Senior citizens, social security recipients and railroad retirees who receive benefits but aren’t normally required to file a tax return will not need to file a tax return in order to receive the $1200 payment. They will receive the payments automatically.