Stimulus Payments Are On The Way
Megan F. Fry is a Shareholder in the commercial litigation department representing financial institutions and small business clients.
PENSACOLA (April 15, 2020) –
Economic Impact Payments (EIP) will start hitting eligible taxpayers’ bank accounts this week. If an eligible taxpayer provided bank account information to the IRS on her 2019 tax return, she can expect a direct deposit in that same account. In the event an eligible taxpayer has not yet filed for 2019, the account information provided on the 2018 return will be used. U.S. residents will receive the EIP of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
- $75,000 for individuals
- $112,500 for head of household filers and
- $150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their adjusted gross income is between:
- $75,000 and $99,000 if filing status was single or married filing separately
- $112,500 and $136,500 for head of household
- $150,000 and $198,000 for married filing jointly
Recipients of social security, disability or veterans’ benefits as well as those who do not make enough money to normally file a tax return will receive a payment.
No additional action is needed by taxpayers who have already filed for 2019 or those who have not yet filed for 2019 but filed a 2018 federal tax return. The IRS will perform the EIP calculation based upon your most recently reported adjusted gross income for either 2019 or 2018. If individuals do not file a return, they should visit the IRS website to provide payment info for non-filers. Information for both filers and non-filers is available at the IRS website. Simply navigate to irs.gov –> Get Coronavirus Tax Relief –> Economic Impact Payments.
AVOID SCAMS: Taxpayers should exercise extreme caution and be on the lookout for scammers trying to use the EIP program to obtain personal information. Remember, the IRS will not call, text, email or use social media to contact you. Taxpayers should not open emails with attachments or links claiming to have special information about EIP or tax refunds. The IRS will never contact you via email.
Download a printable PDF of this news release.
About Clark Partington:
Clark Partington is the largest business focused firm in the Florida panhandle with offices in Pensacola, Destin, Grayton Beach & Tallahassee. The firm also maintains a presence in South Alabama with an Orange Beach office. Since 1976 Clark Partington has grown to over forty lawyers and has served the people and businesses of Florida through an innovative and collaborative approach to practicing law. Our lawyers are consistently recognized for their service to the profession and excellence in the courtroom. More information about the firm’s practice, its attorneys, and recognitions may be found at www.clarkpartington.com.