Economic Impact Payments or Stimulus, as it is being called, may soon be arriving in your bank account or in your mailbox!
If you filed your 2018 tax return and your income is within the qualifying limit, you should start seeing that payment very soon, as payments continue to be issued.
Who is qualified and how much you could receive:
1) You filed your 2018 or 2019 tax return.
2) You had income on that return to fall within the qualifying income limits:
a. Single taxpayers with income at $75,000 or less qualify for the full payment.
b. Married taxpayers with incomes of $150,000 or less qualify for the full payment.
c. Single taxpayers with income between $75,000 and $95,000 will qualify for a partial payment.
d. Married taxpayers with income between $150,000 and $190,000 will qualify for a partial payment.
What can you expect?
1) Single taxpayers who receive the full payment, should see a check or direct deposit of $1,200.
2) Married taxpayers who receive the full payment, should see a check or direct deposit of $2,400.
3) For each qualifying child, you will also see an additional $500.
If you did not receive the full benefits that you believe you were entitled to, you will be able to credit the additional amount when you file your 2020 tax return.
You can check to see if what you are going to receive or further information by going to irs.gov.
Kathie Meller, CPA