Federal government announces distribution plan for economic impact payments
Mar 31, 2020 3:00 pm
Robert W. Wood is reporting for Forbes [dot] com the Treasury Department and IRS March 30, announced the distribution of economic impact payments will begin in the next three weeks. The payments will be distributed automatically, with no action required for most people. However, some seniors and others who normally do not file returns will need to submit a simple tax return to receive the stimulus payment. An individual with an adjusted gross income up to $75,000, and up to $150,000 for married couples filing joint returns will receive the full payment. For those with income above those amounts, the payment is reduced by $5 for each $100 above the designated limits. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. A full list of Stimulus Check FAQs is available at Forbes [dot] com.