Stimulus payments will start to phase out for single filers making more than $75,000, $112,500 for head of household filers and $150,000 for joint filers. The stimulus payments will phase out entirely at $99,000 for singles, $136,500 for head of household, and $198,000 for joint filers.
By April 17 the IRS plans to release a Get My Payment tool on their website to help everyone check on the status of their payments, including the status of their payment and the date their payment is scheduled to be deposited into their bank account or mailed to them.
When will the Economic Impact Payment be issued?
The IRS plans to release payments to most people starting the week of April 12th. Taxpayers who filed in 2018 or 2019 will receive payments automatically from the IRS. The IRS indicated payments will also go in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.
Be on the alert for Economic Impact Payment scams
Scammers and identity thieves are already taking the opportunity to prey upon taxpayers with phone calls, text messages and emails. Here are some answers to common questions related to fraud. Victims or targets of Economic Impact Payment scams should report it immediately to the Federal Trade Commission at www.ftc.gov/complaint.
April 2, 2020 IRS news release about Coronavirus-related scams
Will the IRS call me asking for my bank account information?
No, the IRS and other government agencies will never call asking for your Social Security Number (SSN) or banking information. Do not provide your SSN or bank account information to anyone calling you and claiming to be from the IRS or another government agency.
Will the IRS text or email me asking to verify my bank account information?
No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. Do not click on a link or email if you do not recognize who it is from. The IRS will never text or email you asking to provide your bank account information or verify your bank account information.
Am I required to sign up or pay a fee in order to receive an Economic Impact Payment?
No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. You are not required to sign up or pay a fee in order to receive an Economic Impact Payment. Please visit the IRS website for more details.
Will I be required to complete a form to qualify for an Economic Impact Payment?
Taxpayers are not required to complete a form. The IRS and Treasury Department provided a new web tool for people that don’t normally file a tax return. These non-filers can use this IRS tool to register for Economic Impact Payments.
This new tool is designed for people who did not file a tax return for 2018 or 2019 and who don’t receive Social Security retirement or disability benefits or Railroad Retirement benefits. It is also for those with lower income, veterans beneficiaries, SSI recipients, students, etc. Visit the IRS website for more details.
Will the IRS mail me a notification?
The IRS is required to mail a written notice to taxpayers no later than 15 days after distributing an Economic Impact Payment. This notice to the taxpayer will indicate the payment amount, whether the payment was mailed or direct deposited, and a phone number to call if the taxpayer did not receive the payment. The payment should be received before any communication from the IRS is received by mail.