INDIVIDUAL RECOVERY: REBATE CREDIT FOR INDIVIDUALS
US taxpayers will receive payments ranging up to $1,200 for single individuals and up to $2,400 for married couples, plus $500 per qualifying child. Taxpayers filing as Head of Household will be eligible for a payment up to $1,200 plus $500 per qualifying child.
All payments are subject to a phase-out that is based upon the Adjusted Gross Income ("AGI") of the taxpayer. Your AGI can be found on page 1 of your 2019 federal income tax return on line 8b (line 7 on the 2018 return). The phase-out means that if your AGI is over $99,000 for a single taxpayer, $146,500 for a head of household taxpayer or $198,000 for a married taxpayer, you are not eligible to receive a payment. The phase-out begins when AGI reaches $75,000 for individual taxpayers, $112,500 for head of household and $150,000 for married filing jointly. There are a number of online calculators to help you determine the amount you will receive if you fall within the phase-out range (example from CNN: https://www.cnn.com/2020/03/27/politics/stimulus-check-calculator/index.html).
The IRS will determine your eligibility based upon your most recently filed federal income tax return. Accordingly, if you have already filed your 2019 tax return, your payment will be based upon the 2019 AGI. If you have not already filed your 2019 return, it will be based upon your 2018 AGI. Taxpayers who do not have any income or only have income from retirement accounts or social security benefits will also be eligible for the payment.
If your stimulus payment ends up being less than that to which you were entitled, there will be a mechanism to recover the difference when you file your 2020 tax return. At this time, there is no requirement for a taxpayer to repay if they receive more than that to which they were entitled.
It is expected that if you have signed up to receive your tax refunds via direct deposit, your stimulus payment will be deposited directly into that account. If not, a paper check will be mailed to the address on record with the IRS.
All payments are subject to a phase-out that is based upon the Adjusted Gross Income ("AGI") of the taxpayer. Your AGI can be found on page 1 of your 2019 federal income tax return on line 8b (line 7 on the 2018 return). The phase-out means that if your AGI is over $99,000 for a single taxpayer, $146,500 for a head of household taxpayer or $198,000 for a married taxpayer, you are not eligible to receive a payment. The phase-out begins when AGI reaches $75,000 for individual taxpayers, $112,500 for head of household and $150,000 for married filing jointly. There are a number of online calculators to help you determine the amount you will receive if you fall within the phase-out range (example from CNN: https://www.cnn.com/2020/03/27/politics/stimulus-check-calculator/index.html).
The IRS will determine your eligibility based upon your most recently filed federal income tax return. Accordingly, if you have already filed your 2019 tax return, your payment will be based upon the 2019 AGI. If you have not already filed your 2019 return, it will be based upon your 2018 AGI. Taxpayers who do not have any income or only have income from retirement accounts or social security benefits will also be eligible for the payment.
If your stimulus payment ends up being less than that to which you were entitled, there will be a mechanism to recover the difference when you file your 2020 tax return. At this time, there is no requirement for a taxpayer to repay if they receive more than that to which they were entitled.
It is expected that if you have signed up to receive your tax refunds via direct deposit, your stimulus payment will be deposited directly into that account. If not, a paper check will be mailed to the address on record with the IRS.
