Economic Impact Payments: What You Need To Know

On March 30, 2020, the Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.

However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans, and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents, and direct deposit bank account information. The IRS will post all key information there as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on the website rather than calling IRS assistors who are helping process 2019 returns.

For more information, visit this web page.