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Archived News Article: Information may be out of date
September 2, 2020

Everything You Need to Know About Economic Impact Payments

Everything You Need to Know About Economic Impact Payments
Everything You Need to Know About Economic Impact Payments

On Benefits.gov, we aim to increase citizen access to government benefit information. Throughout the COVID-19 (coronavirus) pandemic, we’ve received requests for more information on Economic Impact Payments and how they may help during this difficult time. In this article, you will learn about eligibility requirements, what you need to do to receive an Economic Impact Payment, and how you will receive your Economic Impact Payment.

Where did Economic Impact Payments come from?

On March 27, 2020, an emergency stimulus package was signed into law to provide financial relief to qualified individuals impacted by COVID-19. The Coronavirus Aid, Relief and Economic Security (CARES) Act includes a key provision, the Economic Impact Payments, that will be issued by the Internal Revenue System (IRS) to provide financial relief to many Americans. If you’re curious about learning more about the history of Economic Impact Payments, visit the IRS Economic Impact Payment Information Center.

Who is eligible for Economic Impact Payments and how is the payment amount determined?

Eligibility for Economic Impact Payments is determined as follows:

  • Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an Economic Impact Payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
  • Tax filers with adjusted gross income, up to $75,000 for individuals and up to $150,000 for married couples filing a joint return, will receive the full payment.
  • For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000 and $150,000 thresholds.
  • Social Security recipients and railroad retirees, who are otherwise not required to file a tax return, are also eligible and will not be required to file a return.

Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

What do I need to do to receive my Economic Impact Payment?

Economic Impact Payments will be distributed automatically with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the Economic Impact Payment.

Use the IRS’s Non-Filers: Enter Payment Info Here tool to provide basic information to confirm your eligibility and get your payment.

You should use this application if you meet all these requirements:

  • Are a U.S. citizen or permanent resident.
  • Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019.
  • Did not file a return for 2018 or 2019 and were not otherwise required to file a federal income tax return for 2019.
  • Do not receive Social Security retirement, disability (SSDI).
  • Do not receive survivor benefits.
  • Do not receive supplemental security income (SSI).
  • Do not receive Railroad Retirement benefits.
  • Do not receive Veterans Affairs Compensation and Pension (C&P) benefits.

How will I receive my Economic Impact Payment?

Economic Impact Payments will be sent electronically directly to a bank account or sent in the mail by paper check or prepaid debit card (EIP Card). To view the status of your payment, use the IRS’s Get My Payment application.

What is an EIP Card?

The EIP Card is a prepaid debit card that contains the money you are receiving as a result of the CARES Act. Your EIP Card will be mailed to you at the most recent mailing address filed with the IRS. For more information on EIP Cards, including activation instructions and FAQs, visit EIPcard.com. You can also read the U.S. Department of the Treasury's helpful article on EIP Cards.

Additional Resources on Economic Impact Payments

To learn more about Economic Impact Payments, visit the IRS’s Economic Impact Payment Information Center, for answers to questions on the process of obtaining your payment. If you are a Social Security recipient, read the U.S. Social Security Administration’s guide for receiving your payment.

Although Economic Impact Payments provide short-term relief, they will not provide long-term financial stability for many Americans. Benefits.gov encourages you to take the Benefit Finder questionnaire to find other government benefits that may be helpful to you. You can also browse the Financial Assistance category to find programs you may be eligible to receive.

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