We're getting lots of inquiries about this, and the information seems to be updating frequently.
This program is being administered over a 20 week period. It has only started. IRS has had some problems and technical glitches. Many people will still be getting theirs.
In addition, the stimulus checks are really an advance of a 2020 tax credit. If you were due a check and did not receive it by the time the payments finish in a few months, it can be claimed on the 2020 tax return as a credit. We can help clients with this next year when we prepare your 2020 tax return.
How much should you expect to receive?
Most U.S. residents – under certain income levels - will receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social Security number.
Here’s how much the payments will be:
- Eligible individuals will receive up to $1,200.
- Eligible married couples will receive up to $2,400.
- Eligible individuals will receive up to $500 for each qualifying child.
Taxpayers will receive a reduced payment if their adjusted gross income 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
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an Economic Impact Payment.
Payments will also be automatic for people who receive Social Security retirement, disability (SSDI), or survivor benefits or Railroad Retirement benefits who don’t normally file a tax return.
Those receiving these benefits who aren’t claimed as a dependent on someone else’s return or required to file a tax return are eligible for a $1,200 payment. However, people in this group who have qualifying children under age 17 will need to provide information using the Non-Filers: Enter Payment Info tool to claim the $500 payment per child.