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A quick guide on how much the Economic Stimulus Payments will be

The IRS recently released the following information:

Here’s how much the payments will be:
• Eligible individuals will receive up to $1,200.
• Eligible married couples will receive up to $2,400.
• Eligible individuals will receive up to $500 for each qualifying child.

Taxpayers will receive a reduced payment if their adjusted gross income 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

In order to be eligible you must not be dependent on another tax return and you need to have a social security number.

If a person qualifies, they will automatically receive the payment if they filed a 2019 or 2018 tax return.

Payments will also be automatic for people who receive Social Security retirement, disability (SSDI), or survivor benefits or Railroad Retirement benefits who don’t normally file a tax return. Non-filers who have qualifying children may be able to get an additional $500 per child, they will need to enter some information at the following site:

https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

Please consult your tax advisor on all the above information.

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