Single tax filers with adjusted gross income up to $75,000 will receive the full payment of $1,200; married couples filing jointly with adjusted gross income up to $150,000 will receive the full payment of $2,400. In both cases, an additional $500 will be received for a qualifying child (under 17 years of age). For tax filers whose income exceeds the thresholds, the payment amount is reduced by $5 for each $100 above the threshold. With that being said, single filers with no qualifying children will not receive a payment if their income is over $99,000 and joint filers with no qualifying children will not receive a payment if their income is over $198,000.
If a college student is between the ages of 17 and 23, inclusive, and claimed as a dependent on a parent’s tax return, then the student will not receive a $1,200 stimulus payment and the parent(s) will not receive the additional $500 payment. If the college student is 16 or younger, then the parent(s) will receive the additional $500 payment as long as they provide more than half of the student’s total support for the year.
There have been many questions as to how non-filers will receive their payments, and also many questions as to how filers will receive their payments. In order to address these questions and concerns, the IRS partnered with the File Free Alliance to develop an easy-to-use tool that will help taxpayers who do not have a filing requirement enter basic information so they can receive their payments as soon as possible.
The IRS is building a tool that is expected to be available for use later this week. The tool will allow taxpayers to check the status of their payment including the date their payment is scheduled to be deposited into their bank account or mailed to them. If the Economic Impact Payment has not yet been scheduled for delivery, the “Get My Payment” tool will allow taxpayers to provide their bank account information so they can receive their payment more quickly.