Economic Impact Payments are already being sent to taxpayers all over the United States. However, some basic aspects are still unclear for the general public, and questions still abound about this provision.
Today we’ll give plain, straightforward answers to the 4 most common questions related to Economic Impact Payments
What Are Economic Impact Payments?
Economic Impact Payments are a stimulus by the Internal Revenue Service and the Treasury Department. Above all, the aim is to offer financial help to taxpayers who have been impacted by the coronavirus outbreak.
Do I Qualify for an Economic Impact Payment?
People qualify to Economic Impact Payments based upon their Adjusted Gross Income (AGI). You qualify for an Economic Impact Payment if your AGI is up to:
- $75,000 for individuals
- $112,500 for head of household filers
- $150,000 for married couples filing joint returns
If your AGI exceeds these limits, don’t worry. You can still get a reduced Economic Impact Payment if you have an AGI between:
- $75,000 and $99,000 if your filing status was single or married filing separately
- 112,500 and $136,500 for head of household
- $150,000 and $198,000 if your filing status was married filing jointly
In this case, the amount of the reduced payment will be based upon your specific AGI.
How Much Could I Get?
The amount of the Economic Impact Payment you qualify for may vary. These are the three basic categories:
- $1,200 for eligible individuals
- $2,400 for couples filing joint returns
- $500 for each qualifying child
Can I Check Online the Status of my Payment?
Users who want to check the status of their Economic Impact Payment now can do it online using Get My Payment, the website recently launched by the Internal Revenue Service (IRS).
The website will show users the date when their deposit has been scheduled, similar to the “Where’s my Refund” IRS tool many taxpayers are already familiar with.
Besides checking the status of their payments, the website allows users to confirm their payment type, and enter their direct deposit information if the IRS doesn’t have it.
The website is updated once a day, usually overnight. Therefore, the IRS encourages users to visit the website once every 24 hours. This will decrease traffic and allow other users to check the status of their payments as well.
Our experts at Delgado’s Insurance will be happy to assist you with all matters related to income tax. Contact us today by telephone (951-361-0084, 909-421-9003), email or through our social media accounts to get a free quote and learn more about our services.