Federal Government Economic Payment Plan
The federal government approved the issuing of “Economic Impact Payments” to qualifying recipients. The payments will typically be $1,200 or $2,400 for a couple filing taxes jointly. Parents will receive an additional $500 for each child they are able to claim on their taxes. Those with per year earnings of more than $75,000, or $150,000 for a couple, will receive lesser amounts.
The IRS is handling the distribution of the “Economic Impact Payments” and says for most people, there is no action required.
According to the information posted on the IRS webpage, the distribution of economic impact payments will begin in the next three weeks.
Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank accounts. However, some people who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
Check IRS.gov for more information.