Information about the Economic Impact Payment, also known as stimulus payments, are automatic for most taxpayers. Here’s what you need to know:
Economic Impact Payments to Tax-payers
- $1,200, one-time direct payments to adults, filing single, making up to $75,000. Married couples who make up to $150,000 will receive $2,400, plus $500 for each child.
- Individuals making over $99,000 and married couples making above $198,000 will not be eligible to receive payments.
- Individuals with income between $75,000 and $99,000 (and married couples with income between $150,000 and $198,000) will receive reduced payments based on their income.
Student Loan Payment Suspension
- Student Lending: The act suspends all federal student loan payments for six months. The suspension applies to direct loans as well as FFELP loans. Interest will not accrue during the suspension and each month covered by suspension will count as if the borrower made a qualifying payment for any loan forgiveness plan
More information and a portal to check your payment status is available at IRS.gov: https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
Protect yourself from scams
It’s also important to be aware of scams that will undoubtedly crop up to take advantage of people’s confusion, the FTC has issued some important information about how to protect yourself:
“Coronavirus stimulus payment scams: What you need to know,” Federal Trade Commission, Customer Information, April 20, 2020