IRS’s Tentative Timeline of Economic Impact Payments
April 10, 2020
As part of the CARES Act passed March 2020, the IRS will be making an Economic Impact Payment (also referred to as a stimulus payment) over the next several weeks to qualifying taxpayers. The maximum amount of the payment is $1,200 for a single taxpayer, $2,400 for a married couple filing a joint return, and an additional $500 for each child dependent age 17 and under. The payment is reduced ratably based on Adjusted Gross Income from either the 2018 or 2019 tax return, whichever is filed most recently, starting at $75,000 for single individuals and $112,500 for Head of Household filers, and $150,000 for married couples filing jointly.
In general, taxpayers do not have to take action to receive the payment. If you have filed a 2018 or 2019 return that included banking information, the payment will be direct deposit to the account listed. If no banking information is included, checks will be mailed to the address of record. Taxpayers who do not file a tax return but do receive Social Security benefits will receive them through the same method.
Taxpayers who have not filed a return for either year and do not receive Social Security benefits may have to take action to notify the IRS of how to remit payment. See sidebar.
Released April 10
IRS launches online tool to help non-filers receive economic impact payments. You must have a valid SSN, could not be claimed as a dependent of another taxpayer, and have adjusted gross income under certain limits. Click the button below.
Coming week of April 13
The IRS is to launch “Get My Payment” web app which will allow taxpayers who filed their 2018 or 2019 return but did not provide banking information to submit direct deposit details. Once they do, the Economic Impact Payment should be deposited quickly instead of waiting for a check to arrive in the mail. The app will also allow taxpayers to track the status of their payment.
Beginning Week of April 24 – Tentative Schedule for Paper Checks
The IRS will begin sending paper stimulus checks on April 24. Checks will be prioritized in ascending tiers based on a taxpayer’s reported adjusted gross income, per the schedule below.
| Adjusted Gross Income | Mail Date |
|---|---|
| Up to $10,000 | April 24 |
| $10,001 to $20,000 | May 1 |
| $20,001 to $30,000 | May 8 |
| $30,001 to $40,000 | May 15 |
| $40,001 to $50,000 | May 22 |
| $50,001 to $60,000 | May 29 |
| $60,001 to $70,000 | June 5 |
| $70,001 to $80,000 | June 12 |
| $80,001 to $90,000 | June 19 |
| $90,001 to $100,000 | June 26 |
| $100,001 to $110,000 | July 3 |
| $110,001 to $120,000 | July 10 |
| $120,001 to $130,000 | July 17 |
| $130,001 to $140,000 | July 24 |
| $140,001 to $150,000 | July 31 |
| $150,001 to $160,000 | August 7 |
| $160,001 to $170,000 | August 14 |
| $170,001 to $180,000 | August 21 |
| $180,001 to $190,000 | August 28 |
| $190,001 to $200,000 | September 4 |
| All Others | September 11 |