COVID-19 Recovery Rebates (Stimulus Payment)
Updated: Jan 5, 2021
Recovery Rebates (Stimulus Payment)
A one-time recovery rebate is an advance refundable credit against your 2020 taxes and equal to $1,200 for individuals ($2,400 for joint filers), plus an additional $500 per child under age 17 who qualifies for the Child Tax Credit.
Eligibility: All U.S. residents with adjusted gross income (AGI) up to $75,000 ($112,500 for Head of Household, $150,000 Married Filing Jointly), who are not claimed as a dependent of another taxpayer, and have a work-eligible Social Security Number, are eligible for the full rebate amount. This is true even if you have no income, or if your income comes entirely from nontaxable means-tested benefit programs, such as SSI benefits. The threshold amount is based on 2018 AGI (unless a 2019 return has already been filed).
Phaseout: The rebate amount is reduced by $5 for each $100 that your AGI exceeds the phaseout threshold. The rebate is completely phased-out at $99,000 (Single), $136,500 (HOH), and $198,000 (MFJ).
How to receive: For most individuals, no action is required in order to receive the recovery rebate. It will be direct deposited if you have authorized a direct deposit or direct debit for your most recently-filed tax return. Otherwise, a check will be mailed to your last known address. The rebate may be offset by past-due child support, but not any other federal or state debt. Go to www.irs.gov/coronavirus/economic-impact-payments to update bank account or mailing address, or to enter payment information for non-filers.