Economic impact payments of $1,200 for single taxpayer and $2,400 for married couples filing a joint return are scheduled to be distributed by the Treasury / IRS beginning some time in the 
next three weeks. To receive automatic payment, you need to have filed a 2019 or a 2018 federal income tax return with less than $75,000 in adjusted gross income OR $150,000 in adjusted gross income if you are a married couple filing jointly. The credits phases out for taxpayers with adjusted gross income in excess of $99,000 for singl individuals, and $198,000 for married filing jointly taxpayers.
Taxpayers with a qualifying child, under 17 years of age will receive an additional credit of $500 per qualifying child.
The payment will automatically be sent to eligible taxpayers who have filed their 2019 or 2018 tax returns. If you provided bank information when you filed your tax return that information will be used to direct deposit your payment. Don’t have direct deposit information on file with the IRS the treasury plans to develop a web portal for individuals to provide this information so stay tuned.
If you did not file a return because your taxable income was below the required filing threshold for 2019 and 2018 you will need to file a tax return to obtain your payment even if you have little or no taxable income. For example, an individual living on Social Security alone or on non-taxable disability will need to file to get their payment.
Have additional questions give us a call or check out the IRS website at
(CARES Act, H.R. 748)