How does the Economic Impact Payment work? Who is eligible?
People with a social security number are eligible.
Individuals will receive $1,200 if they make up to $75,000 in Adjusted Gross Income. Joint filers can receive $2,400 if they make up to $150,000 in AGI.
There is an additional $500 for each child.
The payment goes down if you make more than $75,000 in AGI as an individual or $150,000 AGI as a joint filer, zeroing out by $99,000 in AGI for individuals and $198,000 for joint filers.
Do you have to pay the $1,200 back at all?
If I take assistance from the government, will I have to publicly disclose that information?
If you are taking assistance from the government or deferring investment or retirement benefits, you will have to report these decisions. For example, when you fill out a form to receive social security or produce your yearly taxes, you are submitting those documents to the government.
My income has drastically changed from tax year 2018, how do I correct that?
Direct payments will utilize your 2019 tax return or 2018 return if you have not yet filed your 2019 tax return.
Will persons on disability, SSID, or VA disability receive direct payments?
Does the direct payment count as income? And, do I have to pay taxes on it?
No. All direct payments are tax free.
I share joint-custody of my children? Do direct payments go to the primary breadwinner?
The direct payment for the child(ren) will go to whichever parent claims the child(ren) on their taxes.
Are there supplemental payments going to be made to food stamp recipients, or people on the government dole?
Every American who is under the income threshold of $75,000 will receive $1,200 per person and $500 per dependent child.
I am unemployed, will there be an extension on my unemployment period or amount?
Yes. Unemployment benefits are increased by 13 weeks beyond however long a particular state’s unemployment benefits run. Regardless of how long an individual state’s unemployment benefits run, the extension runs out on December 30, 2020.
Is there any way to waive penalties for early IRA withdrawals?
Yes. The 10% penalty to access IRA and some other retirement funds is waived on up to $100,000 for individuals in 2020. Check with your financial institution to see if your retirement fund qualifies.
Since I don’t have to file my 2019 federal tax return until July 15, 2020, has the deadline for making 2019 IRA contributions changed?
- Yes. You now have until July 15, 2020 to make 2019 contributions toward your IRA. For more details, see the IRS’s website here.
Since the deadline for making 2019 IRA contributions has changed, what about the 2019 contribution deadlines for HSAs and MSAs?
- You have until July 15, 2010 to make any contributions toward qualified Health Savings Accounts (HSAs) and Archer Medical Savings Accounts (MSAs). For more details, see the IRS’s website here.
I have a concern about price gouging. Who should I contact?
Information on Idaho’s Price Gouging laws:
Report suspected price gouging here:
- Idaho Attorney General’s Office
- Federal Trade Commission