The IRS has published its latest update on Economic Impact Payments. This payment is automatic for most taxpayers who filed a 2018 or 2019 tax return eligible for an Economic Impact Payment. The IRS publication, Economic Impact Payment Information Center, provides the following guidelines for eligibility for a stimulus payment:
$2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work-eligible Social Security number with an adjusted gross income up to:
• $75,000 for individuals
• $112,500 for head of household filers and
• $150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their AGI 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
The amount of the reduced payment will be based upon the taxpayers’ specific adjusted gross income.
Filers whose gross income exceeds the allowed limits or otherwise not meeting qualification criteria listed in the Economic Impact Payment Information Center will not qualify for an Economic Impact Payment.
The IRS publication provides guidelines on coming payments for qualified filers as follows:
Eligible individuals with an adjusted gross income of up to $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
For filers with an income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with an income exceeding $99,000, $136,500 for head of household filers, and $198,000 for joint filers with no children are not eligible and will not receive payments.
Detailed information on eligibility for payments and how to check payments status is available in the latest IRS update.
The status of the payment for qualified filers can be checked on the IRS website.