FEDERAL STIMULUS BILL INDIVIDUAL PAYMENTS

Individuals making up to $75,000 ($150,000 for married workers) will receive payments of $1,200 with an additional $500 payment per minor child. The payments decrease ratably and stop altogether for single workers making more than $99,000 ($198,000 for married workers and $218,000 for a family of four.)

These payments will be issued by the IRS via direct deposit and will be based on 2019 or 2018 tax returns or 2019 Social Security statement.

If someone has not filed a tax return in 2018 or 2019 and does not receive Social Security benefits, the IRS recommends filing a 2018 return to receive payment. If the IRS does not have the taxpayer’s bank account information, the taxpayer should look for a letter from the IRS detailing how to receive their payment.

If you receive Social Security, retirement, or other social safety net benefits, you may still qualify for direct payments. These payments will not be taxable nor represent “resources” for program eligibility purposes. Click HERE for more information from the IRS.

IQ FAQ pages: for more information on Economic Impact Payment FAQs and Get My Payment FAQs.

Click HERE for a summary of the bill.

 

 

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