The first economic stimulus checks aimed at bolstering the economy amid the coronavirus crisis are expected to be distributed starting next week.
Individuals will be eligible for as much as $1,200 per person, $2,400 for married couples filing jointly, and $500 per dependent child. Amounts vary based on your 2018 or 2019 taxes.
According to the 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.
- 60 million checks distributed through direct deposit will be issued the week of April 13.
- The IRS will start sending paper stimulus checks the week of May 4.
- Approximately 5 million paper checks will be issued each week after May 4.
Click here for updates on the Economic Impact Payments from the IRS
