The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law in March included an economic impact payment to every American with a Social Security number. Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment of $1,200 for individuals or $2,400 for married couples and $500 for each qualifying child.
Income above this will receive a smaller payment using a formula.
|Filing Status||Potential Payment||Reduced Payment if Income over|
|Single, No Children||$1,200||$75,000|
|Head of Household, 1 Child||$1,700||$112,500|
|Head of Household, 2 Children||$2,200||$112,500|
|Joint Filers, No Children||$2,400||$150,000|
|Joint Filers, 1 Child||$2,900||$150,000|
|Joint Filers, 2 Children||$3,400||$150,000|
More detailed information from the IRS available here:
This payment distribution will begin in mid-April and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to register to receive the economic impact payment.
Some tribal members are not required to file a tax return. Typically filing a tax return is not required if the individual’s only source of income is Social Security, their income is derived from treaty fisheries-related activities (IRS Section 7873 income info available here: https://www.irs.gov/government-entities/indian-tribal-governments/irc-section-7873-treaty-fishing-rights-related-income, or if their annual income is below $12,200 ($24,400 for married couples).
Even if you don’t file taxes, you will be eligible to receive this payment, as long as you register.
Hope this helps!