Your employees, no doubt, are overwhelmed with the uncertainty surrounding COVID-19. And while you have a lot to sort through on your end, it's a good idea to also help your workforce navigate relief efforts that may benefit their health and financial well-being.
To assist, we've created a handy flyer that you can email or print for employees to help them determine if they are eligible for the U.S. government's economic impact payment.
This handy flyer discusses important FAQs, like the following:
Who Qualifies for an Economic Impact Payment?
Eligible taxpayers with income below certain levels will automatically receive an economic impact payment. The levels and payouts are as follows:
- Individual tax filers with adjusted gross income up to $75,000 will receive $1,200.
- Married couples filing jointly with adjusted gross income up to $150,000 will receive $2,400.
- Qualifying parents also receive $500 for each eligible child age 16 or under.
If income levels exceed the above thresholds, taxpayers may still qualify for a partial payment. For each $100 they make above the threshold, the payment for which they are eligible is lowered by $5. With that said, single filers are ineligible for payment altogether if their income is greater than $99,000 and joint filers with no children are ineligible if they make more than $198,000.
How Do Eligible Taxpayers Get Payment?
If qualifying taxpayers filed a tax return within the last two years, the government will automatically send payment. If they haven’t filed their 2019 tax return yet, the payment will be calculated and distributed based on information from their 2018 tax return.
When Will Economic Impact Payments Arrive?
If direct deposit was used to receive tax refunds in 2018 or 2019, qualifying parties should receive payment electronically as soon as mid-to-late April. If bank information is not on file with the IRS, they will receive a physical check in the mail, mostly likely in May or June.