Economic Impact Payments: Q&A’s on what you need to know

Check for the latest information: No action needed by most people at this time

IR-2020-61, March 30, 2020

WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns 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/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

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. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment? will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?

The IRS will post all key information on as soon as it becomes available.

The Coronavirus Aid, Response, and Economic Security Act

As of March 27, 2020, the U.S. Senate and the U.S. House of Representatives have passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). U.S. President Donald Trump is expected to sign it into law shortly. The CARES Act is the third installment in a series of federal legislative initiatives enacted in response to the 2019 novel coronavirus (COVID-19) pandemic and is intended, in part, to provide financial relief to businesses.

In addition to providing a large cash infusion to hospitals and broader access to COVID-19 testing to individuals, the CARES Act aims to boost the economy with over $2 trillion in relief, ranging from individual rebates and small business loans to increased unemployment benefits and a wide variety of tax breaks.

Additional Information can be found on the following sites:

Gov. Pritzker announces more that $90 million in emergency assistance available for small businesses

Illinois businesses will be able to apply to these programs on the Department of Commerce and Economic Opportunity (DCEO) website:

Illinois Income Tax Filing & Payment Extension

The filing deadline for Illinois income tax returns has been extended from April 15th, 2020, to July 15th,2020. In addition, the IDOR is still encouraging taxpayers expecting a refund to file as soon as they can. The link below will direct you to the Illinois Department of Revenue Informational Bulletin for additional information.

IRS Provides 90-Day Federal Income Tax Payment Extension

 The IRS has announced that the due date for making federal income tax payments has been postponed from 4/15/20 to 7/15/20. For consolidated groups and stand-alone C corporations, up to $10 million of tax payments can be deferred. For all other taxpayers, up to $1 million can be deferred, regardless of filing status. The relief only applies to federal income tax payments (including self-employment tax payments) due on 4/15/20 for the 2019 tax year, and federal estimated income tax payments due on 4/15/20 for the 2020 tax year. Payments made within the 90-day deferral period will automatically be exempt from interest and penalties. The IRS has not provided an extension for the payment or deposit of any other type of federal tax, or for the filing of any tax return or information return. Notice 2020-17 .