1400 Second Avenue, Watervliet, NY 12189 518.270.9243

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Economic Impact Payments

In response to the ongoing COVID-19 pandemic, the IRS is distributing Economic Impact Payments of $1,200 to most taxpayers.  These payments will be issued based on your 2019 income tax return if it has been filed.  If you have not yet filed a tax return for 2019, your 2018 return will be used.  If you have not filed a 2018 or 2019 tax return and you meet the filing requirement, give us a call as we can help.

If you have dependent children, you will also receive $500 per child.

There are income limitations which may reduce your payment.  For higher income individuals, the payment amount is reduced by 5% of the amount that your adjusted gross income exceeds $75,000 ($112,500 for taxpayers filing as head of household or $150,000 for taxpayers filing a joint return), until it is $0.

The $1,200 Payment for eligible individuals with no qualifying children ($2,400 for married couples filing a joint return) will be reduced to $0 once adjusted gross income reaches the following thresholds:

  • $198,000 for taxpayers filing a joint return
  • $136,500 for taxpayers filing as head of household
  • $99,000 for all others

Each of these threshold amounts increases by $10,000 for each additional qualifying child. For example, because families with one qualifying child receive an additional $500 Payment, their $1,700 Payment ($2,900 for taxpayers filing a joint return) will be reduced to $0 once adjusted gross income reaches the following thresholds:

  • $208,000 for taxpayers filing a joint return
  • $146,500 for taxpayers filing as head of household
  • $109,000 for all others

To check your status or eligibility, enter a bank account for direct deposit, or submit information if you have not been required to file a tax return, go to the IRS website.

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CONTACT

1400 Second Avenue
Watervliet, NY 12189
P 518.270.9243
F 518.270.9245