Economic Impact Payments for Individuals under the CARES Act Begin
Author:
Jennifer R. Rivett, Esq.
April 15, 2020
Economic Impact Payments via direct deposit to qualifying individuals under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act have begun. Qualifying individuals who filed federal income tax returns in 2018 or 2019 and whose bank account information is on file with the IRS will automatically receive a payment via direct deposit.
In addition, certain individuals who qualify for the economic impact payment, but were not required to file a federal income tax return in 2018 or 2019, including those who receive Social Security retirement, disability or survivor benefits and those who receive Railroad Retirement and Survivor benefits, will also receive a direct deposit payment.
Individuals who do not receive certain Social Security retirement, disability or survivor benefits or Railroad Retirement benefits and are not required to file an income tax in 2019 because their gross income was less than $12,200 ($24,400 for married couples), but otherwise qualify to receive a payment, will need to complete an application to provide certain information to the IRS to process the payment. That application is located at https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here.
Individuals who qualify to receive an economic impact payment whose bank account information is not on file with the IRS will receive paper checks beginning in the next few weeks. These checks will be mailed to the last known address in the IRS’s records.
The IRS has provided a portal for individuals to track the status of their payment at https://www.irs.gov/coronavirus/economic-impact-payments. This portal also includes links for individual taxpayers to update their direct deposit bank account information.
For information on who is eligible to receive a payment, click here.
Email Updates: