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OVERVIEW OF CORONOVIRUS-RELATED TAX CREDITS
Who is eligible?
• U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income (AGI) not more than: o $75,000 for individuals o $112,500 for head of household filers and o $150,000 for married couples filing joint returns
• Taxpayers will receive a reduced payment if their AGI is between: o $75,000 and $99,000 if their filing status was single or married filing separately o 112,500 and $136,500 for head of household o $150,000 and $198,000 if their filing status was married filing jointly
• The amount of the reduced payment will be based upon the taxpayer’s specific AGI.
• Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
• Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
Who is not eligible? You are not eligible if:
• You have an annual income above the ceilings specified above.
• You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent that can be claimed on a parent’s return.
• You do not have a valid Social Security number.
• You are a nonresident alien.
• You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019. When will I get my payment?
• Taxpayers who filed a return in 2018 or 2019 and who provided direct deposit information should begin receiving direct deposits beginning this week. This week the IRS is expected to provide an online form for taxpayers who have not previously received direct deposit refunds to supply their direct deposit information. Look for that forthcoming link here: https://www.irs.gov/coronavirus/economic-impact-payments
• People who receive Social Security via direct deposit but who don’t earn enough to file a tax return could begin receiving their payments as early as April 20.
• Those who have not provided direct deposit information to the IRS will receive paper checks. Those checks are projected to begin going out at the end of April in waves, a process that will likely continue for several weeks or months before all checks are distributed.
Avoid scams
• The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call you, text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds. What do I need to do to receive the credit?
• People who filed a tax return for 2019 or 2018 – No additional action is needed by taxpayers who: o have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.
• People who aren’t typically required to file a tax return o Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information to issue the $1,200 to them as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don’t need to take action. o For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child.
There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible. Taxpayers can check the IRS.gov tool – Do I Need to File a Tax Return? – to see if they have a filing requirement. o Eligible U.S. citizens or permanent residents who: § Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019 § Were not otherwise required to file a federal income tax return for 2019, and didn’t plan to o
The IRS has provided an online form for these categories of non-filers to provide the necessary information to the IRS easily and quickly for no fee here: https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment Update on number of cases.
• 145 new cases reported yesterday.
• Total cases statewide now number 3087.
• Unfortunately, we now have 111 deaths.
• 60 outbreaks in long-term care facilities Call if you need help.
• We have had phone calls to our office forwarded to our staff. If you need any help at all, please call us at 601-359-3300.
• We have also set up an email address for you to ask questions or seek help. That address is covid19questions@house.ms.gov.
