The city’s administrative team is putting together several resources that provide residents with more information regarding the impact of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Today’s update addresses a primary component of concern  – Economic Impact Payments.

Economic Impact Payments are one-time payments, also referred to as stimulus payments. According to the IRS and Treasury Department, those payments will begin within the next three weeks for most people without any extra actions needed. Below is a list of FAQs put together to address questions and concerns from citizens regarding EIPs.

Will I receive a payment?

• If you file taxes as an individual or jointly as a couple, you will receive payment.
• If you aren’t required to file a tax return (low-income taxpayers, senior citizens, social security recipients, some veterans and individuals with disabilities), a simple tax form collecting basic identifiable information will be required before the payment is processed. This form will be available at irs.gov/coronavirus in the coming weeks.
• If you are a student AND are claimed as a dependent on someone else’s tax return, you will not receive payment.
  

  How much is the payment?

Depending on your tax-filing status (as an individual or joint) and the number of dependents, the amount will vary.

• For individuals with less than $75,000 in gross income, you will receive a one-time payment of $1,200.
• For couples who file jointly with less than $150,000 in gross income, you will receive a one-time payment of $2,400.
• Parents will also receive $500 for each qualifying child.

NOTE: for individuals with income levels above the $75,000 and $150,000 amounts, the payment amount is reduced by $5 for each $100 above those thresholds. Individuals/joint filers with income exceeding $99,000/$198,000 without children are not eligible.

How will I get the one-time payment and where will it come from?

These payments will come from the Treasury Department and the IRS (Internal Revenue Service). They will use filing data from 2018 and 2019 tax returns.

What do I need to do to make sure I receive my payment?

According to the IRS, the vast majority of people will not need to take any action. The IRS will calculate and automatically send these payments to those who are eligible.

• For those who have filed tax returns for 2018 or 2019, the IRS will use this information to calculate the payment and it will be deposited directly into the same banking account reflected on the return that was filed.
• For those who aren’t required to file a tax return (low-income taxpayers, senior citizens, social security recipients, some veterans and individuals with disabilities), a simple tax form will be available at IRS.gov/coronavirus with information on how to file so that you can receive payment.

NOTE: The process for filing simple tax forms is not complete at the moment. We will provide information for when it is.

I am positive the IRS doesn’t have the most up-to-date information to do a direct deposit for my payment. What can I do?

The IRS is working on a web-based portal for individuals to provide their banking information so that those payments can be processed. This portal is not available yet, but we will provide information when it is.

How long are the economic impact payments available?

If you are currently working on your taxes or need support from a tax professional or local organization, you have time to do that. These payments will be available throughout the end of 2020.

When will I get my payment?

The Treasury Department and the IRS announced on Monday, March 30 that payments will begin within the next three weeks. Some seniors and others who typically do not file returns will need to submit a simple tax return to receive their payments – and that may take extra time.