The Treasury Department and the Internal Revenue Service is offering help to those affected by coronavirus (COVID-19) with the Economic Impact Payment – commonly referred to as “stimulus checks”. Eligible individuals include all U.S. residents with adjusted gross income (AGI) up to $75,000 ($112,500 for Head of Household, $150,000 Married Filing Jointly).

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child under age 17. The payment will either directly deposit into your bank account or a check will be mailed to your last known address.

If you have not filed your 2019 tax returns yet, give us a call to book an appointment!

For more information about Economic Impact Payments, click here.