{"id":3386,"date":"2020-03-30T19:13:05","date_gmt":"2020-03-31T00:13:05","guid":{"rendered":"https:\/\/cookco.us\/news\/?p=3386"},"modified":"2020-03-30T19:13:11","modified_gmt":"2020-03-31T00:13:11","slug":"economic-impact-payments-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/cookco.us\/news\/economic-impact-payments-what-you-need-to-know\/","title":{"rendered":"Economic impact payments: What you need to know"},"content":{"rendered":"\n

Check IRS.gov for the latest information: No action needed by most people at this time<\/strong><\/h2>\n\n\n\n

The Treasury Department and the Internal Revenue Service today announced\nthat distribution of economic impact payments will begin in the next three\nweeks and will be distributed automatically, with no action required for most\npeople. However, some seniors and others who typically do not file returns will\nneed to submit a simple tax return to receive the stimulus payment.<\/p>\n\n\n\n

Who is eligible for\nthe economic impact payment?<\/strong>
\nTax filers with adjusted gross income up to $75,000 for individuals and up to\n$150,000 for married couples filing joint returns will receive the full\npayment. For filers with income above those amounts, the payment amount is\nreduced by $5 for each $100 above the $75,000\/$150,000 thresholds. Single\nfilers with income exceeding $99,000 and $198,000 for joint filers with no\nchildren are not eligible.<\/p>\n\n\n\n

Eligible taxpayers who filed tax returns for either 2019 or 2018 will\nautomatically receive an economic impact payment of up to $1,200 for\nindividuals or $2,400 for married couples. Parents also receive $500 for each\nqualifying child.<\/p>\n\n\n\n

How will the IRS know\nwhere to send my payment?<\/strong>
\nThe vast majority of people do not need to take any action. The IRS will\ncalculate and automatically send the economic impact payment to those eligible.<\/p>\n\n\n\n

For people who have already filed their 2019 tax returns, the IRS will use\nthis information to calculate the payment amount. For those who have not yet\nfiled their return for 2019, the IRS will use information from their 2018 tax\nfiling to calculate the payment. The economic impact payment will be deposited\ndirectly into the same banking account reflected on the return filed.<\/p>\n\n\n\n

The IRS does not have\nmy direct deposit information. What can I do?<\/strong>
\nIn the coming weeks, Treasury plans to develop a web-based portal for\nindividuals to provide their banking information to the IRS online, so that\nindividuals can receive payments immediately as opposed to checks in the mail.<\/p>\n\n\n\n

I am not typically\nrequired to file a tax return. Can I still receive my payment? <\/strong>
\nYes. People who typically do not file a tax return will need to file a simple\ntax return to receive an economic impact payment. Low-income taxpayers, senior\ncitizens, Social Security recipients, some veterans and individuals with\ndisabilities who are otherwise not required to file a tax return will not owe\ntax.<\/p>\n\n\n\n

How can I file the\ntax return needed to receive my economic impact payment?<\/strong>
\nIRS.gov\/coronavirus<\/a> will soon provide information\ninstructing people in these groups on how to file a 2019 tax return with\nsimple, but necessary, information including their filing status, number of\ndependents and direct deposit bank account information.<\/p>\n\n\n\n

I have not filed my tax\nreturn for 2018 or 2019. Can I still receive an economic impact payment?<\/strong>\n
\nYes. The IRS urges anyone with a tax filing obligation who has not yet filed a\ntax return for 2018 or 2019 to file as soon as they can to receive an economic\nimpact payment. Taxpayers should include direct deposit banking information on\nthe return.<\/p>\n\n\n\n

I need to file a tax\nreturn. How long are the economic impact payments available?<\/strong>
\nFor those concerned about visiting a tax professional or local community\norganization in person to get help with a tax return, these economic impact\npayments will be available throughout the rest of 2020.<\/p>\n\n\n\n

Where can I get more\ninformation?<\/strong>
\nThe IRS will post all key information on IRS.gov\/coronavirus as soon as it\nbecomes available.<\/p>\n\n\n\n

The IRS has a reduced staff in many of its offices but remains committed to\nhelping eligible individuals receive their payments expeditiously. Check for\nupdated information on IRS.gov\/coronavirus<\/a> rather than calling IRS assistors who\nare helping process 2019 returns.<\/p>\n","protected":false},"excerpt":{"rendered":"

Check IRS.gov for the latest information: No action needed by most people at this time The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others […]<\/p>\n","protected":false},"author":1,"featured_media":3387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2020-03-31T00:13:16Z","apple_news_api_id":"b4bfa7e1-d996-4643-acac-9ef05e7a9f86","apple_news_api_modified_at":"2020-03-31T00:13:16Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AtL-n4dmWRkOsrJ7wXnqfhg","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-3386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/3386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/comments?post=3386"}],"version-history":[{"count":0,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/3386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media\/3387"}],"wp:attachment":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media?parent=3386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/categories?post=3386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/tags?post=3386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}