As part of efforts to bouy the hard-hit American economy and help individuals and families better deal with the economic impact of the COVID-19 coronavirus outbreak, Congress passed and the President signed a set of bills. As part of the CARES Act, individuals will receive one-time checks form the government to be used as they see fit.
The IRS recently announced the first “Economic Impact Payments” has been distributed. These checks will be deposited into the bank accounts of those who have filed their 2018 or 2019 tax returns, qualify for the payment, and have a direct deposit set up with the IRS.For those who don’t have a direct deposit with the IRS, checks will be mailed over several weeks starting May 4.
You don’t have to provide any information to receive these checks. If someone is asking you to provide a bank account or a Social Security number, it is likely a scam.
Keep in mind these guidelines:
- These one-time payments are $1,200 per individual and $500 per dependent child
- Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment
- Filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds
- Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible to receive these checks
For more information from the IRS, click on the link here.
