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IRS Update - Coronavirus Economic Impact Payments (NY)
In order to help with the economic impact of the Coronavirus pandemic, the Treasury Department and the Internal Revenue Service recently announced that distributions of economic impact payments will begin in the next three weeks automatically, with no action required for individuals that regularly file a tax return. For those that do not file returns, such as seniors, they will need to submit a simple tax return to receive the stimulus payment.
CORONAVIRUS ECONOMIC IMPACT PAYMENTS-IRS UPDATE
In order to help with the economic impact of the Coronavirus pandemic, the Treasury Department and the Internal Revenue Service recently announced that distributions of economic impact payments will begin in the next three weeks automatically, with no action required for individuals that regularly file a tax return. For those that do not file returns, such as seniors, they will need to submit a simple tax return to receive the stimulus payment.
Tax filers with 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 full payment amounts are $1,200 for individuals and $2,400 for married couples. Parents also receive $500 for each qualifying child. 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 without children are not eligible for the stimulus payment.
A link to IRS News Release (IR-2020-61) issued on March 30, 2020 is listed below: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
For more information regarding Coronovirus (COVID-19) or to access all of our client alerts go to: https://www.woodsoviattgilman.com/covid19