|Single & Married Filing Seperate||Head of Household||Married Filing Jointly|
|Full Payment (AGI)||≤ $75,000||≤ $112,500||≤ $150,000|
|No Payment (AGI)||> $99,000||> $136,500||> $198,000|
|Phase-out||*In between thresholds – payments reduced by $5 for each $100 above floor||*||*|
Checks will start going out on April 10 via direct deposit
1st – April 10
2nd – no later than April 20
Payments that need to be mailed will go out on a date that is still TBD.
Seniors receiving SSA, SS disability & other receiving veterans benefits and 1099Rs do not need to file
Individual Stimulus Payments Info
- $500 stimulus payment for each qualifying child
- Child tax credit definition (under 17 years old in the tax year 2019)
- If dependent in 2019 but not in 2020, will be eligible for the remainder of $1,200 credit in 2020
- Advance rebate of credit during 2020
- Eligibility based on 2019 tax return
- If a taxpayer has not filed their 2019 tax return yet, rebate will be based on their 2018 return.
- If a taxpayer does not have a 2018 tax return, the IRS will use the 2019 Form SSA/RRB-1099 (+SSDI)
- Advance rebate reduces credit allowed for 2020 – will receive any shortage due but won’t have to pay back excess.
- Valid ID number (SSN) on return required, including spouse and child (ITIN holders don’t qualify)
- Non-resident aliens don’t qualify.
Scams & Repayment
- No repayment of this credit
- Yes, it will be reported on the income tax return
- No, it will not be paid back
- If you are eligible for more than you received, the difference will be returned as part of your refund in 2021
- Treasury & SSA are reporting scams
- Report any scammers to local authorities & TIGTA
- Client outreach esp. the elderly