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Economic Impact Payments: Will I Get One and When?

Information as of April 22, 2020

the end of March, the Treasury Department and the IRS announced a series of “economic impact payments” that would be distributed. As the public waits, we tackle some of the key points below:

Payment Amounts: 

  • Single/Head of Household filers: $1,200
  • Married Filing Jointly: $2,400
  • An additional $500 for each child under the age of 17

Adjusted Gross Income Threshold Amounts:

  • Single: $75,000 - $99,000
  • Head of Household: $112,500 - $136,500
  • Married Filing Jointly: $150,000 - 198,000
  • Payments will be reduced by $5 for every $100 above the lower income limits until they are completed phased out

Eligibility:

  • Anyone who has an income above the highest end of the phaseout brackets, or anyone who is claimed as a dependent, is ineligible for an economic impact payment.
  • The IRS will base eligibility off of 2019 tax returns. If 2019 is not available, they will use 2018 returns.
  • If you are someone who does not file a tax return, but collects Social Security or Railroad Retirement benefits, the IRS will use form SSA-1099 (Social Security benefit statement) or RRB-1099 (Railroad Retirement benefit statement) to determine eligibility.
  • If you do not file a tax return, and do not collect Social Security or Railroad Retirement benefits, you should use the non-filers link on the IRS website which can be reach by clicking here.
  • Unless you are a non-filer mentioned in the bullet point above, no action is necessary to receive your check.

Details:

  • The payment is structured as an advance of a 2020 tax credit.
  • The payment is nontaxable.
  • Payment will be direct deposited if the IRS has bank account information on file. If they do not, a physical check will be mailed.

Timing:

  • The IRS sent out the first batch of stimulus payments on Saturday, April 11th.
  • They will continue to process the payments over the coming months.
  • Direct deposit payments will be received more quickly than checks in the mail, which the IRS has estimated could take up to 20 weeks.
  • The IRS released a webpage (here) on April 17 that allows individuals to check on the status of their payment after entering some brief personal information.
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Hefren-Tillotson Inc. is a leading diversified financial services firm providing investment and retirement plan management and comprehensive, financial planning through MASTERPLAN® for individuals and businesses. The firm’s wealth management services are administered by Certified Financial Planner (CFP) professionals, Chartered Financial Analyst (CFA) Charter holders, attorneys, Chartered Life Underwriters, and CPA/PFS’s. Hefren-Tillotson offers corporate services including 401(k) retirement planning, executive financial counseling, fiduciary reviews and workplace financial planning seminars. Founded in 1948, the firm is headquartered in Pittsburgh and has offices located in Pittsburgh, Butler, Greensburg, North Hills, and South Hills. MEMBER SIPC.