Paradigm Financial Group Blog

Information About Your Economic Impact Payment or Stimulus Check

Written by Our Team | Apr 18, 2020 7:24:59 PM

Who is Eligible?

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with 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.

Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits. Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.

Update your bank account or mailing address to get your stimulus check faster

  • If IRS doesn’t have your direct deposit information from your 2018 or 2019 return – and they haven’t yet sent your payment – use the Get My Payment application to let IRS know where to send your direct deposit.
  • 2019 Filers: IRS will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.
  • 2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible. That is the only way to let IRS know your new information.

Please Note: IRS is not currently able to process individual paper tax returns due to the COVID-19 outbreak.

Visit the IRS website to track the status of your payment or enter your bank account information or mailing address
If you need help in filing your 2019 taxes, please contact us at 610-422-3530 and we will be happy to assist you.

Source: https://www.irs.gov/coronavirus/economic-impact-payments
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