Will I get a direct payment?
Millions of Americans will be eligible for a direct payment. This provision would provide $1,200 for single filers and heads of households and $2,400 for married couples (filing joint returns). The provision also provides for $500 per child under age 17. The rebate phases out for adjusted gross incomes above $75,000 for single filers, $112,500 for heads of household, and $150,000 for joint filers.
The value of the tax credit will phase out over the following income ranges:
- Single Filers: Phase-out begins at $75,000 and ends at $99,000.
- Heads of Household: Phase-out begins at $112,500 and ends at $146,500 for a family of 2; this will be higher for larger families.
- Married Filing Jointly: Phase-out begins at $150,000 and ends at $198,000; this will be higher for families with children.
The full length of the phase-out depends on the size of the credit.
How will I get the payment?
Rebates will either be provided through direct deposit or the IRS will mail a check. Because a household’s income and circumstances for 2020 are not yet known, rebates will be issued based on taxpayers’ 2018 or 2019 reported adjusted gross income.
Last Updated: April 1, 2020