As part of the federal Economic Impact Payment, several people are starting to receive a “stimulus” check due to the COVID-19 pandemic.

According to the Internal Revenue Service (IRS) individuals or heads of household filers will receive $1,200 or $2,400 for married filing income tax jointly or who have a work eligible Social Security number. To receive these payments, individuals can make a maximum of $75,000 of their adjusted gross income, head of household filers with no more than $112,500 and married filing jointly of no more than $150,000.

Certified Public Accountant Tom Kennedy with Henkel and Associates says the payments are based on the most recent income tax returns that have been filed. However, Kennedy notes if you qualify based on a previous income tax statement and make too much this year, you will not have to pay back the amount that you received from the federal government. 

Kennedy points out if your income tax return was set up as a direct deposit to a bank, or if you are receiving Social Security benefits, you will receive the first round of the stimulus checks. Kennedy adds, you do not have to claim the payments on your 2020 federal income tax filing.