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Federal Stimulus: How Much will Taxpayers Receive?

Updated: Mar 30, 2020

The amount taxpayers will receive today will depend on their 2019 income (if already filed), or 2018 if not. The end amount taxpayers will receive will ultimately depend on their 2020 income.

The figure out the amount, look at is the amount of adjusted gross income (Line 8b) on your 1040. If you earned less than the first table (low threshold), you will receive the full amount. The amount is reduced by $5 for every $100 exceeding the lower threshold. Once you reach the upper threshold (right column), the amount is completely phased out. If you filed your 2019 return, the numbers will be based off of that. If you have not, the 2018 figure will be used. If you have not filed - get in touch with us ASAP to get started. Lower threshold and below: $1,200 per adult & $500 per child under the age of 17

In between: Phase out reduction of $5 per $100 exceeding lower threshold.

Above upper threshold: $0

Click here for the calculator.

Those who no longer File taxes or have taxable income:

Retirees who get Social Security payments will also get the money. So will recipients of Supplemental Security Income (SSI), a federal program for disabled or blind residents and those who have little or no income, according to the Senate Finance Committee. Veterans would need to check with the VA department for additional news.

Those who receive TANF and Food Stamps and do not file taxes or receive SSI will have to check with their state departments for increases in aid. There has been discussions, but it is unknown if anything has been established. How will I receive the money? Check or via electronic deposit?

The IRS will use information used on your last tax file.

  • Direct deposit if the IRS has bank account information from prior refunds

  • If not, check mailed to "last known address"

  • The Treasury is exploring more options (debit cards, etc) - but this is just hearsay at the moment.

We expect the IRS to release additional information around this item, and a help center to contact if the money does not arrive. The details have not been finalized yet.

The fastest way to get this information would be to file your 2019 return soon, so that they have your up to date information when the bill is ready to be passed. If your information has changed since you have filed, contact us to help you update it.

When will I receive the money?

Press briefings have indicated 3 weeks if the IRS is able to do direct deposit. Paper checks will inevitably take longer, especially for those residing abroad.

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