How to get your Economic Impact Payment.
What you need to know:
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 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.
The fastest way to get your payment:
Confirm that the IRS has your current financial institution information on file so the money gets direct deposited into your account.
Within 15 days of mailing your check (or directly depositing it into your bank account), you will receive a notice in the mail indicating the method of payment, the amount of payment, and an IRS phone number to call if you didn't receive your payment.
Both the payment (paper check) and notice will be mailed to your last known address the IRS has on file. If you have recently moved, you should file a Form 8822 with the IRS and a change of address notice with the U.S. Postal Service. This will ensure correspondence and payments from the IRS will be sent to your new address.
Who automatically gets a payment?
• People with 2018 or 2019 taxes on file with the IRS AND has authorized the IRS to direct deposit to their account previously.
• Social Security beneficiaries: The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.
Be careful, and watch for scams:
• Never give personal information to anyone who is not familiar.
• The IRS will not call, text, email or contact you on social media asking for personal or account information – even related to the economic impact payments.
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