The new tax return deadline to file Form 1040 and pay your tax is July 15, 2020.
However, because the payment would start in April, and we are practicing social distance, you could get your tax done yourself. You might work on it and file it by April 15 if possible to receive the Coronavirus Economic Impact Payment early if you are eligible.
Are you Eligible to Receive the Coronavirus Economic Impact Payment?
Who is qualified for the Coronavirus Economic Impact Payments?
- If you don’t pay tax because you are not required, file a simple tax return 1040 using free software to be eligible
- If you collect social security and has not filed your tax yet or are not required to file tax, you would get the payment
- If your adjusted gross income is $75,000 or less per individual tax return
- If your adjusted gross income is $150,000 or less for married couple that filed joint return
Who is qualified for Reduced COVID-19 Economic Impact Payment?
- If you are single and your adjusted gross income is more than $75,000 but not more than $99,000, your payment would be reduced by $5 for each $100 over the $75,000 income threshold.
- If you are married and filed joint return and your adjusted gross income is more than $150,000 but no more than $198,000, your payment would be reduced by $5 for every $100 income over the $150,000 income threshold.
Who is not qualified for the COVID-19 Economic impact Payments?
- If you are single and your adjusted gross income is more than $99,000 you are not eligible for COVID-19 Tax Relief.
- If you are married and file joint return and your adjust gross income is more than$198,000 with no children, you are not eligible for Coronavirus Tax Relief.
How much is the Economic Impact Payment?
- $1,200 for single or individual tax return
- $2,400 for married couple filing a joint return
- $500 / qualifying child. If you are eligible for child tax credit, chances are you are eligible for the $500 per child as well.
Find more information here: https://www.irs.gov/coronavirus
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
IR-2020-61, March 30, 2020 0 M
COVID-19 Economic Impact Payments:
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