Treasury Department, IRS Releases More Information on Stimulus Package

The Treasury Department and the IRS released more information on who will receive stimulus package payments.

Let’s break it down for you.

People eligible for the full impact payment include tax filers with an adjusted gross income of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns.

For filers with an income above those amounts, the stimulus payment will be reduced by $5 for each 100 above the $75,000 or $150,000 threshold.

And those who are not eligible include single filers with a gross income over $99,000 and joint filers with no children with an income over $198,000.

The payments will begin in the next three weeks and will be distributed automatically with no action required for most people.

However, some seniors and others who don’t typically file tax returns will need to submit a simple return to receive the payment.

Click here for more information.

Categories: Coronavirus