The Treasury Department and IRS announced Monday, March 30, that the distribution of economic impact payments will begin in the next three weeks to provide financial relief to the American economy during the COVID-19 pandemic. Distribution of the payments, established under President Trump’s $2 trillion CARES Act, will begin automatically, with no action required for most people.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents will also receive $500 for each qualifying child.
Single filers with adjusted gross income exceeding $99,000 and $198,000 for joint filers with no children are not eligible for the payments. Some seniors and other taxpayers who typically do not file returns will need to submit a simple tax return to receive the stimulus payments.
Learn more about the economic impact payments here.