The 4 Most Frequently Asked Questions about Economic Impact Payments

Economic Impact Payments are already being sent to taxpayers all over the United States, but questions regarding this stimulus still abound.

In this post we’ll answer the most frequently asked questions regarding Economic Impact Payments, so you can determine whether you are eligible, how much you could get, and how to check the status of your payment.

How Much Would I Get?

Individual taxpayers eligible for Economic Impact Payments get $1,200, while couples filing jointly receive 2,400. Additionally, you can receive $500 extra for every qualifying child you claimed on your tax return.

Do I Qualify for an Economic Impact Payment?

People qualify to Economic Impact Payments based upon their Adjusted Gross Income (AGI). You qualify to an Economic Impact Payment if your AGI is up to:

  • $75,000 for individuals
  • $112,500 for head of household filers
  • $150,000 for married couples filing joint returns

If your AGI exceeds these ranges, don’t worry. You can still get a reduced Economic Impact Payment if you have an AGI between:

  • $75,000 and $99,000 if your filing status was single or married filing separately
  • 112,500 and $136,500 for head of household
  • $150,000 and $198,000 if your filing status was married filing jointly

In this case, the amount of the reduced payment will be based upon your specific AGI.

What if I Receive Social Security or Other Benefits?

You don’t have to make a filing to get your Economic Impact Payment if you receive Social Security, railroad retirement, Social Security Disability Insurance (SSDI and SSI) or veteran’s benefits. In that case, you’ll receive your payment the same way you normally receive your benefits.

On the other hand, People who don’t normally file, such as low-income or no income taxpayers, can use Non-Filers: Enter Payment Info tool to give IRS  basic information to get their Economic Impact Payments.

How Can I Check the Status of My Payment?

The IRS launched recently the Get My Payment Tool. The website will allow you to check the status of your Economic Impact Payment. The information is updated every 24 hours, usually overnight, so use the tool only once a day to allow others to check the status of their payment as well.

It’s important to know this and other initiatives to navigate the current circumstances. Our friendly and knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on FacebookTwitter and LinkedIn to learn more about our services.

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