Author: James Thomas, CPA, Planning Associate

Under the Coronavirus Aid, Relief and Economic Security (CARES) Act. P.L.116-136, eligible individuals will receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. The payments phase out for individuals with adjusted gross income over $150,000 for married taxpayers filing jointly, $112,500 for taxpayers who file as head of household, and $75,000 for other individuals.

The IRS is providing these payments automatically for most people, including those who filed returns in 2018 or 2019 (and announced that those payments would begin next week) and Social Security (including Social Security disability recipients) or Railroad Retirement beneficiaries (who will receive their payments in the near future). All other taxpayers must register with the IRS to receive their payments.

For guidance on how to register, the IRS website is live for those who have filed tax returns without direct deposit information or those who are non-filers here: https://www.irs.gov/coronavirus/economic-impact-payments

Those who did not provide direct deposit information will need the following to claim their recovery rebate:

  • Social Security Number
  • Date of birth
  • Street Address & Zip Code
  • Account & Routing Number
  • Copy of most recently filed tax return (the taxpayer will be asked to verify figures from their filing to confirm their identity)

Non-filers will need to do the following (note: those who receive Social Security, Railroad Retirement, or SSDI benefits will automatically be sent a recovery rebate, and do not need to complete the non-filers forms):

  • Create an account with freefile through the IRS website to determine eligibility
  • Social Security Number
  • Date of birth
  • Any dependents (Social Security Number & Date of birth)
  • Address
  • Account & Routing Number

 

 

 

Provided for informational purposes only and should not be construed as an advertisement.

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