Economic Impact Payment (EIP)
Stimulus Payment
Under the CARES Act, most U.S. citizens and U.S. resident aliens who have a Social Security number valid for employment are eligible to receive an advance year 2020 tax credit. This credit is called an "Economic Impact Payment (EIP1)" and is up to $1,200 or $2,400 (if married filing jointly), plus up to $500 for each qualifying dependent child under age 17.
- $150,000 for married couples filing joint returns
- $112,500 for head of household filers and
- $75,000 for all other eligible individuals
Taxpayers will receive a 5% reduction in their payment for the amount their AGI is above these amounts. No payment will be issued if AGI reaches:
- $198,000 for married couples filing joint returns
- $136,500 for head of household filers and
- $99,000 for all other eligible individuals
The advance payment is NOT available to people who are dependents, nonresident aliens or those who do not have a valid Social Security number for work purposes. The advance payment is NOT reduced by any delinquent government debts EXCEPT delinquent child support payments.
Those who have qualifying income and are not required to file a tax return also qualify for an advance payment. For example, those who only have Social Security income, SSI or nontaxable Veterans benefits will automatically receive the advance payment.
Eligibility is based on the 2019 tax return if filed, otherwise, the 2018 tax return will be used to determine eligibility. The determination of a "qualifying dependent child under age 17" will be determined by the IRS based on the year of the tax return that is used to calculate payment.
These advance payments will be reconciled on your 2020 tax return. The payments are not taxable, will not reduce your refund or increase your tax, and will not need to be repaid even if too much is received.
If you need IRS assistance regarding your EIP, you can call:
