IRS to Send Stimulus Checks to Taxpayers

Lawmakers struck a $2 trillion stimulus deal on March 25 that includes sending checks directly to individuals amid the coronavirus crisis.

Under the bill, single Americans will receive $1,200, married couples would get $2,400, and parents will see $500 for each child under age 17.  However, the payments will start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all.  The thresholds are doubled for couples.
Qualifying income levels will be based on 2019 federal tax returns, if already filed, and otherwise on 2018 returns.
Stay tuned for more information about how and when the payments will be made.

 



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