Economic Impact Payments are already being sent

The economic effects of the coronavirus outbreak are dramatic and a lot of people are struggling to navigate the current circumstances. In order to reduce these effects, the U.S. government has unrolled the Economic Impact Payments initiative to offer financial relief to taxpayers.

Payments are already being sent. You can check online the status on your payment using the online tool Get My Payment on the IRS website. You can use the tool as well to confirm your payment type (direct deposit or check) or to enter your direct deposit information if the IRS doesn’t have it.

Get my Payment is similar to other IRS tools that taxpayers may be already familiar with, such as the Where’s my Return tool, used to track tax refunds.

Some Recommendations

The information on the Get My Payment tool is updated overnight, so the IRS encourages taxpayers to consult the website just once a day to avoid excessive traffic and allow other users to check the status of their payment as well.

In order to send the Economic Impact Payments, the IRS relies on information included in past tax returns. If you haven’t filed your taxes for 2019 or 2018, you can enter your information using this website.

How Much Could I Get?

The amount of Economic Impact Payments vary. These are the three basic categories:

  • $1,200 for eligible individuals
  • $2,400 for couples filing joint returns
  • $500 for each qualifying child

Taxpayers qualify for Economic Impact Payments depending on their Adjusted Gross Income (AGI). Qualifying taxpayers have an AGI up to:

  • $75,000 for individuals
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

However, even if your AGI goes over the above limits, you can still qualify for a reduced Economic Impact Payment if you AGI is between:

  • $75,000 and $99,000 if your filing status was single or married filing separately
  • 112,500 and $136,500 for head of household
  • $150,000 and $198,000 if your filing status was married filing jointly

Contact an Expert

This guide has provided you with the basic information to check online your Economic Impact Payment. However, it’s important to contact an expert to help you get all the coronavirus relief benefits you qualify for.

At La Popular Insurance we offer income tax assistance as well as auto, home, commercial, health and life insurance. With 26 years of experience, we offer extremely qualified assistance at an affordable price. Contact us today by email or telephone ( 323-566-5063 , 562-928-1960, 323-773-9793 ) to discover more about our wide range of services.