All Collections
Coronavirus Relief
Economic Impact Payments
Economic Impact Payments
Jason Ackerman avatar
Written by Jason Ackerman
Updated over a week ago

The IRS has started issuing economic impact payments under the CARES Act. These payments are $1,200 for single individuals, $2,400 for married couples, and then $500 in additional for each dependent under age 17. There are phase outs of the payments based on adjusted gross income for your tax return. You can use this calculator to see how much you can get. 

Note: If you are eligible for the payments based on your 2018 tax return but not on your 2019 and have not filed your return yet, you should hold off on filing your return until you receive your payment. The credit is based on 2019 taxes, but the IRS will use 2018 if the 2019 has been filed and the taxpayer does not have to pay back any amount received. 

Did this answer your question?