have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.
I think this means if you earned more in 2019 than in 2018, maybe hold off filing for 2019 (since the deadline got extended anyway)! If you earned less in 2019 than in 2018, file immediately!
ETA: This only impacts individuals who are above these thresholds:
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
Just in case someone is reading this - THIS IS ONLY relevant if you fall above the $75,000 line.
If you earned more in 2019 than in 2018, but you do not fall above that line, you can file whenever you are ready and it will not affect your $1,200 bonus money.
If you need your money from a tax refund, particularly if you are low-income and will qualify for the EITC, you are encouraged to file ASAP so that you get your refund cash as well.
If you do not have ACH information on file with the IRS (previously paid/gotten paid by check or have not filed in 2 years) - then you are encouraged to file ASAP for 2019 in order to get the refund.
