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Government Stimulus (Economic Impact Payments)

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 (AGI) 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.

 

How much should I expect?

Eligible individuals with adjusted gross income 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 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 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

Visit the IRS website for additional information

 

When can I expect payment?

Payment will be made in 3 waves which were determined by the U.S. Federal Government. If you used direct deposit to file your taxes last year you can expect payment on or around:

  • Payment date #1: April 15, 2020
  • Payment date #2: April 22, 2020
  • Payment date #3: April 29, 2020

In addition, you can access the Get My Payment Link via the IRS website for additional information on payment timing. For customers receiving paper checks we’ve increased the daily limit on our mobile check deposit feature to ensure you have the ability to make this deposit while adhering to social distancing requirements.

 

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