Economic Impact (aka Stimulus) Payments for Individuals

On April 15, 2020, the IRS launched a tool called “Get My Payment” on irs.gov. Its purpose is to enable taxpayers to check on the date they can expect to receive their stimulus payment and add their direct deposit information.

Under the CARES Act, eligible individuals will receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. The payments phase out for individuals with adjusted gross income over $150,000 for married taxpayers filing jointly, $112,500 for taxpayers who file as head of household, and $75,000 for other individuals. The IRS announced that an initial round of 80 million economic impact payments were hitting bank accounts this weekend and into next week.

The IRS says that the “Get My Payment” website will allow people to provide their direct deposit bank account information if they did not use direct deposit on their last tax return, so they can receive their payment more quickly as well as find out when to expect the payments. However, the site is not set up to take changed direct deposit bank account information or other information about changed circumstances (such as divorce). It also cannot take bank account information after the payment is scheduled for delivery.

“Get My Payment” is updated once daily, usually overnight. The IRS urges taxpayers to only use “Get My Payment” once a day given the large number of people receiving economic impact payments. The web page dedicated to general information about “Get My Payment” is likely to have updated information over the course of the program.

Our blog post on April 3, 2020 included a tool in the form of an excel file, which you can download and use to calculate the amount of the stimulus payment you can expect.

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