What you need to know about your economic impact payment

Nathan Baker • Apr 29, 2020 at 10:00 AM

The $2.2 trillion Coronavirus Aid, Relief and Economic Stimulus, or CARES, Act approved by Congress last month provided $290 billion for stimulus payments to individuals and households to help minimize the effects of the novel coronavirus pandemic on the national economy.

Americans began receiving those checks, officially called economic impact payments, in their bank accounts this month, but some who haven’t received theirs yet are looking for answers.

With millions of payments going out, IRS officials said they will take time to deposit and deliver, but offered some guidance for those wanting to check the statuses of their checks.

Who is eligible?

U.S. citizens and resident aliens will receive payments of $1,200 for individuals with incomes up to $75,000 and $2,400 for married couples filing jointly with incomes up to $150,000 if they are not dependents of other taxpayers and have a work eligible Social Security number.

Those with incomes above those limits will receive reduced payments.

Eligible retirees and recipients of Social Security retirement, survivor, or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and VA Compensation and Pension (C&P) will receive a payment.

Other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but are still eligible for the payments. Information on the IRS website, irs.gov/coronavirus will let you know if you’re eligible and how to file for your payment.

Where will my payment be sent?

For most people, the IRS will calculate and automatically send the economic impact payment to those eligible.

The economic impact payment will be deposited directly into the same banking account reflected on the latest tax return filed.

For those who haven’t received direct deposits, the IRS will send a printed check to the address on file, or taxpayers can enter their banking information on the agency’s coronavirus website.

How can I check my payment status?

Recipients can log onto the IRS website irs.gov/coronavirus/get-my-payment to check on the statuses of their stimulus payments and look for more information about their payments.

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