A guide to COVID-19 economic stimulus relief

Source: Consumer Financial Protection Bureau

Americans are increasingly feeling the impact of the coronavirus, both on their everyday lives and their financial well-being. As a result of the recently signed CARES Act , the majority of Americans will start to see some financial relief in April through economic impact payments being issued by the Internal Revenue Service.

We’ve worked to break down the most common questions about the economic impact payments, including how much you’re eligible to receive and when you can expect to receive it:

• When can I expect to receive my economic impact payment?

• Do I qualify and how much will I receive?

• What do I need to file in order to receive an economic impact payment?

• How will the IRS send my payment?

• I’ve moved since I’ve filed my taxes. How can I update my address?

• Can I provide the IRS with my bank account information for direct deposit?

• If I still need to file my 2018 or 2019 taxes, can I still receive the economic impact payment?

• I’m not typically required to file taxes. Can I still receive the economic impact payment?

• I don't have a Social Security number. Can I still get an economic impact payment?

• Can the government reduce or garnish my economic impact payment?

• I received a message from the IRS asking for my personal information. Is this a scam?

When can I expect to receive my payment?

The IRS will begin rolling out economic impact payments in April 2020. For most people, you won’t have to do anything – the payment will be directly deposited into your bank account or sent to you by check. Be aware, however, that if it’s sent by check, it might take a little longer.

Do I qualify and how much will I receive?

You likely qualify for an economic impact payment if:

• your filing status is single or married but filing separately, and your adjusted gross income is less than $99,000;

• your filing status is head of a household, and your adjusted gross income is less than $136,500;

• your filing status is married and you file jointly, and your combined adjusted gross income is less than $198,000;

• your adjusted gross income is above $75,000 as an individual or $150,000 as a joint filer, the payment amount is reduced by $5 for each $100; or

• you don’t typically file taxes and receive Social Security benefits from the Social Security Administration or Social Security Equivalent Benefits (SSEB) from the U.S. Railroad Retirement Board.

Read More: https://www.consumerfinance.gov/about-us/blog/guide-covid-19-economic-stimulus-checks/