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Information Regarding Federal Economic Impact Payments

​Federal Economic Impact Payments

The federal government is expected to release Economic Impact Payments to US taxpayers due to the COVID-19 pandemic.

Note: This is not an Illinois state government program. The Internal Revenue Service (IRS) administers the program and will have the most up-to-date information here: irs.gov/coronavirus

Do I need to do anything?

Since this is a program administered by the federal government, taxpayers are strongly encouraged to visit the IRS website for the most up-to-date information.

Most taxpayers will not need to do anything. Economic Impact Payments are based on a tax filers' 2019 or 2018 federal tax return and will be sent to the bank account of record, reflected on their tax filing.

The IRS is developing a web-based portal where taxpayers can update their information, if necessary.

Who is eligible? How much are the payments?

According to the IRS, taxpayers with incomes below $75,000 for individual filers or $150,000 for joint filers will receive a full payment. Taxpayers with incomes up to $99,000 for individual filers or $198,000 for joint filers will receive a partial payment.

Full payment equates to $1,200 for individuals or $2,400 for married couples, and up to $500 for each qualifying child. 

What if I did not file a federal 1040 tax return?

Illinois residents with questions should consult the IRS website for more information.

The IRS has indicated it will use information from Forms SSA-1099 or RRB-1099 to generate payments for those who do not normally file tax returns. This includes senior citizens, Social Security recipients and railroad retirees. Other non-filers are directed to enter information at a newly launched IRS website to generate payments.