Economic Impact Payments

One-time economic impact payments of $1,400 have already started to be distributed to Marylanders with adjusted gross incomes of up to $75,000 for individuals, and up to $150,000 for married couples filing jointly. Payments will begin to be reduced for individuals making above $75,000 and $150,000 for married filing jointly. The reduced payments end at $80,000 for individuals and $160,000 for couples; people above these levels are ineligible for a payment. Unlike the last two rounds of stimulus payments, eligible families will receive a payment based on all of their qualifying dependents claimed on their return, including older children like college students, as well as adults with disabilities, parents, or grandparents being cared for at home. Click here to track your payment: https://www.irs.gov/coronavirus/get-my-payment 

For individuals who have already filed their 2020 tax returns, the IRS will use their income from this return to calculate the payment amount. For those who have not yet filed their return for 2020 (Note: the deadline for individuals to file and pay most federal income taxes has been extended to May 17, 2021), the IRS will use their income from their 2019 tax return to calculate the payment. Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Payments will be distributed the same way they receive their Social Security payment, typically automatically deposited into their bank accounts.

More information is available from the IRS here: https://www.irs.gov/newsroom/more-details-about-the-third-round-of-economic-impact-payments