Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child.
Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS portal to provide your direct deposit information to get paid as quickly as possible.
If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return with your banking information. Visit irs.gov/coronavirus for more information.
Source: U.S. Treasury