Updated Information on Individual Payments in the CARES Act
UPDATE: The Treasury has begun disbursing individual economic impact payments. The payments will be automatically deposited into your account if the IRS has your banking information on file. Please check your accounts. Paper checks will begin later. To check the status of your payment or provide your bank account information, visit: https://www.irs.gov/coronavirus/get-my-payment?mod=article_inline
The recently passed CARES Act includes provisions to provide direct financial assistance to millions of Americans across the country. These payments, or rebates, will come from the Internal Revenue Service (IRS) and for those who filed a federal income tax return in 2018 or 2019, processing will be based on the payment and address information already on file. The payment for each adult is $1,200, or $2,400 for joint filers, and $500 for each qualifying under the age of 17. Once an individual’s income reaches $75,000 or $150,000 for joint filers, these payments start to phase down. The payment will be reduced by $5 for every $100 of additional income the individual or joint filers have over the limit.
You are eligible for an economic impact payment if you are a U.S. citizen or resident alien that has a valid social security number, cannot be claimed as a dependent, and your adjusted gross income is within the limits specified above. If you filed taxes in 2018 or 2019, receive Social Security, survivors, or Social Security Disability Benefits, or Railroad Retirement Benefits – you will automatically receive your payment and do not have to take further action. SSI recipients will now also automatically receive their payments in the same way they currently receive their benefits. If you are an SSI recipient with qualifying children – you should still use the “Non-Filers” portal to enter their info and ensure you receive your payment expeditiously.
However, if you are a citizen or permanent resident whose gross income was less than $12,200 individually and was not otherwise required to file a tax return, the IRS has launched a registration form to make it easier to claim your Economic Impact Payment. You can enter your payment info for free at https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here.
These rebates do not need to be repaid and they will be delivered automatically to most Americans. When available, electronic direct deposit will be used instead of a mailed hard check. If you have any questions about individual rebates, please do not hesitate to contact my office at NJ8inquiries@mail.house.gov or check the IRS coronavirus page for more updates.