With President Trump signing the massive $2.2. trillion coronavirus stimulus bill last week after it sped through Congress, many Americans will soon receive a much-needed handout from the government in the form of cash payments of up to $1,200 for individuals ($2,400 for married filing joint taxpayers) plus $500 per qualifying child. This provision is found in Subtitle B of the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act”.
A Fox News article provides some additional information about how it will be distributed and other info such as making sure that your address with the Internal Revenue Service is up to date, if not file a Change of Address.
You can change your address with the Internal Revenue Service by e-filing your 2019 tax return now or going here https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes to do that.
The article also states if you e-filed your last tax return, the bank account used will be used for the stimulus payment. If the account has since been closed or you filed on paper, a check will be mailed to the address on record with the IRS.
UPDATED: on 4/15/2020, a AARP article provides some additional details.
AARP worked to ensure that individuals who are collecting Social Security benefits for retirement, disability or Supplemental Security Income (SSI) will be eligible for the stimulus payments. AARP also successfully fought to guarantee that low-income Social Security recipients will receive the full $1,200 check, not $600 as originally proposed.
The size of the check will decrease based on income for individuals who earned more than $75,000 based on their federal tax return for 2019 (or their 2018 return if they have not filed yet). The payment for individuals will shrink by $5 for every $100 earned over $75,000. For couples who filed jointly, the reduction will start once they earn more than $150,000; for heads of household, at $112,500.
Individuals who earned more than $99,000 and couples who earned more than $198,000 jointly will not receive checks. The income cut-off for heads of households is $136,500.
Check the IRS ‘news’ page for more up to date information about this. https://www.irs.gov/newsroom/news-releases-for-current-month
See Subtitle B of the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act”.
https://www.congress.gov/bill/116th-congress/house-bill/748/text?r=1&s=4#toc-HCCF2DA7CBD6341059EAB97C24489743B
