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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


  • 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.


  • 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.


  • 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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