Economic Impact Payments: What You Need to Know

• Anyone who filed a 2018 or 2019 tax return or receives Social Security benefits will automatically receive a FULL Economic Impact Payment, (often referred to Coronavirus Stimulus Check) via direct deposit (or by mail if they do not have a bank account) so long as they fall within the income parameters: 
• Individuals with adjusted gross income up to $75,000.
• Married couples with adjusted gross income up to $150,000.
• Eligible taxpayers will automatically receive an Economic Impact Payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child. Direct deposits are the fastest means of receiving payment. Payments via check will be mailed and are likely to take much longer to receive.
• For filers with income above the 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.
• If a person DID NOT FILE a tax return in 2018 or 2019 and/or has zero income, they can still receive an Economic Impact Payment, but they must file a form with the IRS first. If you need more information on when, how and where to file taxes, please use this link for direct guidance and forms from the IRS.
• The IRS urges anyone with a tax filing obligation who has not yet filed for 2018 or 2019 to file as soon as possible with up to date direct deposit banking information or mailing addresses if person does not have a bank account.
• Economic impact payments will be available throughout the rest of 2020.
• If a person is not typically required to file a tax return (such as those who receive Social Security benefits), they can still receive a payment.
• The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of Social Security benefits who are not required to file a tax return and did not file a return for 2018 or 2019. Please see the U.S. Department of the Treasury press release for more information.
• If there has been a change of addresses since filing your last tax return, you can update your address here.
• Please be aware of scams as Economic Impact Payments are being released. Read the full IRS issued warning about Coronavirus-related scams for more information.
• Remember, the IRS will never call you to verify or provide your financial information in order to get you Economic Impact Payment or refund faster
• In addition, KHC want our partners and consumers alike to be aware of reports of scammers posing as organizations who claim they will give loans or charge fees to people who "have to file a tax return to get their COVID-19 payment from the federal government." No eligible person should need to pay a fee or take out a loan to get their Economic Impact Payment.