Economic Impact Payments (Stimulus Checks)
The federal government has now authorized three rounds of Economic Impact Payments (stimulus checks) through the IRS to help Americans get on more stable financial footing. Individuals who received the first two payments will most likely not need to take additional action to receive their third payment.
Eligibility & Amount
Due to new income limitations, some individuals won’t be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit.
Generally, someone is eligible for the full amount of the third Economic Impact Payment if they:
- are a U.S. citizen or U.S. permanent resident;
- are not a dependent of another taxpayer; and
- have adjusted gross income (AGI) that is not more than:
- $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
- $112,500 if filing as head of household; or
- $75,000 for eligible individuals using any other filing status.
Payments will be reduced above those adjusted gross income amounts. This means people will not receive a payment if their adjusted gross income is more than:
- $160,000 if married and filing a joint return or if filing as a qualifying widow or widower;
- $120,000 if filing as head of household; or
- $80,000 for eligible individuals using any other filing status.
Unlike the prior rounds of Economic Impact Payments, families will receive a payment for all dependents claimed on a tax return, not just qualifying children under 17.
For Those Who Do Not Normally File a Tax Return
Individuals who do not normally file a tax return and do not receive federal benefits may qualify for stimulus payments. This includes those:
- without a permanent address
- without an income
- without a bank account
If you’re eligible and didn’t receive a first or second Economic Impact Payment, or received less than the full amounts, you may be eligible for the 2020 Recovery Rebate Credit, but you’ll need to file a 2020 tax return. See the special section on IRS.gov for more information.
Free tax return preparation is also available for qualifying individuals.
You can visit the IRS website for more information about Economic Impact Payments. You can check the status of your payment here.
Disclaimer: Information provided herein is subject to change as emergency laws, resources and other factors evolve during the COVID-19 pandemic. We cannot advise you on such developments. Please consult federal, NYS and NYC COVID-19 websites for the latest information and your own counsel for legal advice.