Posted on Mar 31, 2020
Laurie's Bookkeeping & Tax Service
IRS CHANGES RULES TO GET A $1200, Following is guidance put out this evening New IRS Sinulus payments. Note, despite prior indications, everyone will be required to file a tax return to receive the stimulus payment (see the 4th question) The Treasury Department and the Internal Revenue Service today announced that distribution of conomic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Who is eligible for the conomic impact payment?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.