Under the recently passed CARES Act, a one-time, IRS stimulus payment also called economic impact payment or COVID-19 relief check, will be distributed in the coming weeks to all those who qualify. Here’s what you need to know.
PAYMENT AND ELIGIBILITY
Payment guidelines are based on your 2018 or 2019 tax filings.
Single taxpayers or those who filed individually and earned $75,000 or less, will get $1,200. If your individual adjusted gross income (AGI) is $75,000 to $99,000, the payment amount is reduced by $5 for every $100 above the $75,000 threshold. If you have kids, you will receive $500 for each qualifying child (dependent aged 16 and under). If you don’t have kids and have an AGI that exceeds $99,000, you are not eligible to receive this stimulus.
Head of household filers with $112,500 or less AGI will get $1,200. If your AGI falls between $112,500 and $136,500, you will receive a reduced amount.
Married couples or those who filed jointly and made $150,000 or less, will receive $2,400. If your AGI is $150,000 to $198,000, your payment amount is reduced by $5 for every $100 above the $150,000 threshold. If you have kids, you will receive $500 for each qualifying child (dependent aged 16 and under). If you don’t have kids and have an AGI that exceeds $198,000 jointly, you are not eligible to receive this stimulus.
HOW DO I GET MY PAYMENT?
The payment will be deposited directly into the same bank account reflected on your last tax return filed. If there is no account on file, the IRS will send a check to your home address. If you receive a check by mail, it can safely be deposited to your LAPFCU account right from your smartphone using our app.
WHEN WILL I GET MY PAYMENT?
According to the Treasury Department and the Internal Revenue Service, distribution of economic impact payments will begin the week of April 6. Payments will be issued in multiple waves through July 2020.