Receiving an Economic Impact Payment?

April 13, 2020 at 12:55pm in Headlines, COVID-19

The IRS has begun depositing Economic Impact Payments into people's bank accounts as part of the $2.2 trillion COVID-19 relief package. To help Alaskans understand this program and any steps they may need to take, Alaska Housing offers this summary of the program.

How much is the payment?

Eligible recipients will receive up to $1,200 for individuals or $2,400 for married couples and $500 for each qualifying child.

What criteria must be met?

  1. You must be a U.S. citizen or resident alien; and
  2. You must have a work-eligible Social Security number; and
  3. Your individual or household income may not exceed certain limits; and
  4. You were not claimed as a dependent on another taxpayer's return.

For details and income limits, you may review this guide to eligibility.

Who will receive the payment automatically?

  1. People who filed tax returns for 2019 or 2018; or
  2. Recipients of Social Security retirement; or
  3. Recipients of survivors or disability benefits; or
  4. Recipients of railroad retirement benefits.

For 2-4, if you have qualifying children under 17, you should register online.

What about Veterans and SSI recipients?

The IRS is exploring ways to make automatic payments to Supplemental Security Income (SSI) recipients and those receiving Veterans disability compensation, pension, or survivor benefits from the Department of Veterans Affairs. If you are among these groups, you may either register online or wait for the IRS to automate the process.

Who should register to receive the payment?

  1. You didn't earn enough income to file a tax return in 2019 or 2018;
  2. You don't receive Social Security retirement;
  3. You don't receive survivors or disability benefits;
  4. You don't receive railroad retirement benefits.

You may register online using the tool provided, which will verify your eligibility. If you provide bank account information, your payment will be deposited directly. Otherwise, it will be mailed to you.

How can I check on the status of my payment?

You can visit the Get My Payment page on the IRS website to find out more about: the status of your payment, how you will receive your payment, and whether the IRS needs any additional information from you to complete the process. To access the information, you may need copies of your 2018 and 2019 (if filed) tax returns.

Where can I learn more about this program?

 

Editor's Note: Updated on April 16, 2020 to include information about calculating payments and checking status.