The information summarized here is meant to be a guide and may not apply to every taxpayer in every situation.  Please see the accompanying law for further details.

Payments to individuals – Each taxpayer who meets certain income limitations will be provided a deposit of $1,200.  A parent of dependent children will receive a $500 deposit for each dependent child of the taxpayer under age 17.

Income Limitations: The amount of the deposit (not including children) will depend on Adjusted Gross Income (AGI) as defined below:

            Joint Filer:     $150,000 – full deposit

                                  $150,000-$198,000 – Partial deposit

                                  $198,000 and above – no deposit

            Single Filer:  $75,000 – full deposit.

                                 $75,000-$99,000 – Partial deposit

                                 $99,000 and above – no deposit

            Head of House: $112,500 – full deposit.

                                      $112,500-$146,500 – Partial deposit

                                      $146,500 and above – no deposit

How does the IRS determine AGI for this purpose? The IRS will use a taxpayer’s 2019 tax return if filed.  If not yet filed, it will use the taxpayer’s 2018 tax return.

How will the refund be made? The IRS will make a direct deposit to taxpayers’ accounts using the bank account information used on their 2019 returns (if filed) or their 2018 returns.  If no bank account information is available, the IRS will issue a deposit to the last known address.

What if my income drops in 2020 below the limits? If you were not eligible for a deposit, or you received a reduced deposit because your income was above the limits in 2018 or 2019 and your income drops below the limits, you will be refunded the rest of the amount owed to you.  This refund will be applied to your 2020 tax returns.

What if my income increases in 2020 above the limits? If you were eligible for a deposit because your income was within the limits noted above in 2018 or 2019 and your income increases above the limits, you will NOT be required to pay the excess back to the IRS.

What if I was dependent of my parents in 2019, but became eligible in 2020? If you were a claimed as a dependent on your parents return in 2019, you will not receive a deposit in 2020.  BUT, if you become eligible in 2020, you will be eligible to use the deposit amount on your 2020 returns, which are filed in 2021.