In the Coronavirus Bill passed today by Congress, most adults will get $1,200 stimulus payments and do not need to file any type of application to get this relief. There is an income threshold, however. Single filers with an AGI of $75k or less will get the full $1,200 amount. Married filers with no kids with an AGI of $150k less will receive a total of $2,400. Head of Household filers will get the full payment if they earn $112,500 or less.
For every qualifying child age 16 or under, the payment will include an additional $500.
Payments will decrease above those income thresholds until they are completely phased out for income above $99k for single filers, $198k for married filers with no kids, and $218k for a family with two kids.
If someone is claimed as a dependent, they are not eligible for a payment.
The IRS will be looking at 2019 tax returns to determine income level. If someone hasn’t filed for 2019 yet, then they will look at the 2018 return.
The IRS will direct deposit the payment into the bank account used for direct deposit or electronic withdrawal on the most recent return. Otherwise, the IRS will mail out checks to the address listed on the return.
According to the Treasury Secretary, most people will get their payment within three weeks, and a confirmation paper notice will arrive in the mail no later than a few weeks after the payment has been disbursed. If the payment hasn’t arrived at that point, contact the IRS phone number listed on the notice.