Economic Impact Payments

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Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels - will receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social Security number.

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

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an Economic Impact Payment.

Payments will also be automatic for people who receive Social Security retirement, disability (SSDI), survivor benefits, or Supplemental Security Income (SSI), non-taxable veterans benefits, Railroad Retirement benefits who don’t normally file a tax return. Those receiving these benefits who aren’t claimed as a dependent on someone else’s return or required to file a tax return are eligible for a $1,200 payment. However, people in this group who have qualifying children under age 17 will need to provide information using the Non-Filers: Enter Payment Info Here tool to claim the $500 payment per child. In order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020.

The IRS encourages people to share this information with family and friends. Some people who normally don’t file a tax return may not realize they’re eligible for an Economic Impact Payment.

For additional and updated information, visit the Coronavirus Tax Relief page on IRS.gov.

See if you are eligible for an Economic Impact Payment.

Source: IRS

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

Certified QuickBooks Proadvisor in Houston.

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