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US economic stimulus payments for those affected by COVID-19

02 April 2020 • US Tax returns

We would like to advise all our US tax clients that the US Treasury Department and the Internal Revenue Service have announced the distribution of economic stimulus payments. US tax payers may be eligible for the following one off payments: 

  • Up to $1200 for individuals 
  • Up to $2400 married couples 
  • Parents also receive $500 for each qualifying child

No action is required for most people who have already filed their 2018 or 2019 tax returns and meet the qualifying criteria.

In order to qualify for this stimulus payment, single tax payers need to earn less than $75,000 per year and married couples filing jointly need to earn less than $150,000. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. 

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

If you have not filed either year then you need to bring you US tax affairs up to date as soon as possible and we are happy to help in the process.

The IRS has not yet established an application procedure for these payments, however further information and updates can be found at https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Whether you are working from home, self-isolating or going about your usual routine and would like to have a further discussion, please contact us at info@warrenerstewart.com or through our website at https://www.warrenerstewart.com/contact. One of our US tax team will contact you promptly.

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