Economic Impact Payments, Timeline, and How Much You Will Receive
The Internal Revenue Service and the United States Department of Treasury have announced that economic impact payments will begin by the end of April. Most people will not have to do anything to get the economic impact payments. But some people who are not required to file income tax returns will want to file an income tax return in order to receive their economic impact payments. If you are not required to file an income tax return but you are on social security or are a railroad retiree you will receive your payment without having to take any action.
People with an 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. The payment is $1,200 for an individual and $2,400 for a married couple filing a joint 2018 or 2019 income tax return and up to $500 for each qualifying child. The payment amounts are reduced for people who earn greater than the above amounts.
You should include your direct deposit information on your income tax return so that you can receive your economic impact payment faster. It could take up to 20 weeks to receive a paper check if the Internal Revenue Service does not have your direct deposit information as they have the capacity to issue approximately five million checks per week.
The above information is a general overview and is not intended to be used as legal advice. If you are considering filing for bankruptcy, the best thing to do is call our office at 248-557-3645 and schedule a free consultation so you can receive advice which is tailored to your specific circumstances.
By:Michael Benkstein, Esq.
Managing Attorney, Bankruptcy Department
The Law Offices of Joumana Kayrouz, PLLC
1000 Town Center
Southfield, MI 48075