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Economic impact payments: What you need to know

March 31, 2020 Tax Advisory, Tax Law Updates, Tax Preparation Services
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The IRS and Treasury launched Economic Impact Payments (EIPs) in 2020 to provide relief during the pandemic. While these stimulus payments have ended, taxpayers who never received their full payment may still be able to claim it through the Recovery Rebate Credit when filing their tax return.

Who Was Eligible for Economic Impact Payments?

  • Individuals with adjusted gross income (AGI) up to $75,000 and couples with AGI up to $150,000 received the full payment.

  • Payments were reduced for incomes above those amounts and phased out completely at $99,000 (single) and $198,000 (married with no dependents).

  • Qualifying parents also received $500 per eligible child.

How Payments Were Sent

Most taxpayers received payments automatically through direct deposit. If the IRS did not have your bank account on file, payments were mailed as checks or debit cards.

What If You Missed a Stimulus Payment?

If you did not receive one or more of the stimulus checks, you may still be eligible to claim the Recovery Rebate Credit by filing or amending your tax return.

Common groups that missed payments include:

  • Seniors and Social Security recipients

  • Veterans and individuals with disabilities

  • Taxpayers who had not filed for 2018 or 2019 at the time of distribution

Local and Nationwide Support

If you’re in Fredericksburg, Stafford, or Northern Virginia, our CPA Firm AI Tax Consulting PLLC can help you file correctly and claim any missed stimulus payments. We also assist clients nationwide virtually.

Book an Appointment

Not sure if you qualified or think you missed a payment? Get professional help today.

📞 Call 703-501-7090 or
💬 Book an appointment online

Author:

Website: https://aitaxconsulting.com

Assel Ibrayeva, CPA, is the founder of AI Tax Consulting PLLC, a licensed CPA firm based in Northern Virginia serving individuals and businesses nationwide. With over a decade of professional experience in accounting and taxation, she provides trusted expertise in individual tax preparation, small business accounting, bookkeeping, tax planning, IRS representation, and international compliance. Her practice is known for handling complex tax situations, including multi-state filings, crypto and digital asset taxation, foreign reporting, and IRS back tax resolution. Assel works closely with small business owners, entrepreneurs, and professionals to deliver practical strategies that reduce tax burdens and ensure compliance. Assel earned her Master of Accountancy from The George Washington University and a Bachelor of Science in Finance from Coastal Carolina University. She is also an Advanced Certified QuickBooks ProAdvisor, helping clients streamline their financial management. Dedicated to providing clear guidance and ethical service, Assel combines technical knowledge with a personalized approach. Her mission is to simplify the tax process and empower clients to make informed financial decisions with confidence.

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