IRS Stimulus Payment

It’s now been a few week since the IRS first started making Coronavirus stimulus payments, and for most taxpayers with an AGI up to $75,000 for single filers, $112,500 for Head of Household filers and $150,000 for married filing jointly filers, this payment is automatic, either by bank transfer if your bank details were on your prior year tax return or by cheque sent to the address the IRS holds for you. This payment ($1,200 per taxpayer and $500 per dependent) is not considered as taxable income. Taxpayers can usually track their payment directly on the IRS website at

https://www.irs.gov/coronavirus/get-my-payment

There are exceptions for some eligible taxpayers and their dependents where the payment is not being sent. An example is if the spouse has an ITIN instead of an SSN, the system does not allow automatic payments. In cases such as this one, there will be a new entry on the 2020 US return form for the stimulus payment, and taxpayers can claim their payment that way.

There is currently a proposed second stimulus payment package on which the Senate may start work on shortly. Debates are still ongoing within the US Government; therefore further details are to follow.