Stimulus payments from IRS to start next week

Some stimulus payments from the coronavirus relief package will start going out next week, the Internal Revenue Service said Friday.

According to the website, eligible taxpayers who filed tax returns for either 2019 or 2018 and chose direct deposit of their refund will automatically receive an Economic Impact Payment of up to $1,200 for individuals or $2,400 for married couples and $500 for each qualifying child.

Individuals who receive Social Security retirement, survivors or disability benefits, SSDI or who receive Railroad Retirement benefits but did not file a return for 2019 or 2018 will automatically receive a payment in the near future.

Additionally, the IRS has launched a tool that allows people who don’t normally file a tax return to quickly register for their coronavirus stimulus check.

The non-filer tool, developed in partnership between the IRS and the Free File Alliance, provides a free and easy option designed for people who don’t have a return filing obligation, including those with too little income to file. The feature is available only on IRS.gov, and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool.

“People who don’t have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible,” said IRS Commissioner Chuck Rettig. “The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people.”

They’ll have to provide their Social Security number, name, address, and how many dependents they have. If they want to receive a direct deposit, they’ll need to provide their bank account information.

How much will you get?

Anyone earning up to $75,000 in adjusted gross income and who has a Social Security number will receive a $1,200 payment. That means married couples filing joint returns will receive the full payment — $2,400 — if their adjusted gross income, which what you report on your taxes, is under $150,000.

The payment steadily declines for those who make more. Those earning more than $99,000, or $198,000 for joint filers, are not eligible. For heads of household with one child, the benefit starts to decline at $112,500 and falls to zero at $146,500.

Parents will also receive $500 for each qualifying child.