IRS gives updates on COVID-19 Relief Check, View Summary

IRS UPDATE: Relief Checks / Tax Returns 2020

RELIEF CHECKS UPDATE:
? If I qualify, where will IRS send my relief check? If you filed your 2018 or 2019 tax returns, the IRS will use direct deposit they have on file and payment issued automatically.
????? Don’t have direct deposit on file or wrong / older info? The US Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately. Expect this in the coming weeks. Check by mail is also available.
?? Do I qualify even if I did not file a tax return in last 2 years? Senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return, IRS will use info on forms SSA-1099 or RRB-1099. If you receive SSI (Supplemental Security Income) then you would need to file a basic tax return.
? How much will I get?
It depends if you qualify. Relief checks are $1200 for individuals or $2400 married jointly and up to $500 for each qualifying child for those who have income of $75,000 for individuals and up to $150,000 for married couples filing jointly. For filers with income above those 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.
? When will checks go out? IRS plans on starting to disbursing checks through direct deposit starting April 9 to have the first payments deposited by April 15th. This disbursement will be based on income, where lower income will receive a check sooner. Paper checks will be distributed starting April 24th and received starting May 1st. These checks are distributed by the lowest income recipients first. Checks for earners of $20,000 or less would be in the mail May 1, followed by those with incomes of $30,000 on May 8, $40,000 on May 15, and continuing in income increments of $10,000 each week. Relief checks would be issued on Sept. 4 to married jointly taxpayers who earn $198,000. All others would be sent on Sept. 11

TAX RETURN UPDATE:
? The tax deadline has moved from April 15 to July 15, giving more time to pay your taxes if you owe or to file an extension. You may still e-file until Oct 15, 2020 without a late fee if you expect a refund, yet if you owe there will be late fee/interest added. You can file up to 3 years back to claim a refund, but prior years must be mailed to the IRS

+ MORE INFO: IRS.gov Economic impact payments: What you need to know