CCPA Whitepaper:
Economic Impact Payments
aka “stimulus checks”, “that $1,200 payment” or “am I eligible for that thing?”
Eligibility
- Tax year 2018, 2019 or 2020
- Your most recently filed tax return (either 2019 or 2018) will be the checkpoint for the IRS.
- If you don’t receive a payment now, you will have another chance to be eligible when you file your 2020 tax return.
- 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 prorated.
- Individual filers with income exceeding $99,000 and married couples with income exceeding $198,000 with no children are not eligible.
The payment amount is:
- Up to $1,200 for individuals
- Up to $2,400 for married couples
- Parents also receive $500 for each qualifying child
Did I mention that you will receive your payment without taking any action?
- The payment will be deposited directly into the same bank account reflected on your most recently filed return (2019 or 2018) or mailed to you.
- Check your most recently filed return to make sure the banking information is still current.
- The IRS has developed a web-based portal for individuals to check the status of their payment and to update your address or banking information, if necessary. You can do this at Get My Payment on the IRS website. Please note that you will need a copy of your most recently filed return (2019 or 2018) to use this tool. If you need to ask us for a copy, we will know that you don’t follow our instructions to save your return each year! We won’t shame you but we will ask for your patience as you are probably not the only person making this request!
Updated 04.15.20
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