Joel A. Lee, director of the Virgin Islands Bureau of Internal Revenue, reminds Virgin Islands residents of the requirements of the CARES Act, which will allow residents to receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married residents who file joint returns.
Taxpayers are eligible for the stimulus so long as they are not claimed as a dependent on someone else’s return, have valid Social Security numbers, and have adjusted gross income up to:
Filing Status: Income Amount/Check Amount
Single or Married Filing Separately: Up to $75,000/ $1,200 per check
Head of Household: Up to $112,500/ $1,200
Married Filing Jointly: Up to $150,000/ $2,400
Taxpayers will receive a reduced payment if their Adjusted Gross Income is between:
Filing status: Income Amount
Single or Married Filing Separately: $75,000 and $99,000
Head of Household: $112,500 and $136,500
Married Filing Jointly: $150,000 and $198,000
Taxpayers will not receive a stimulus payment if their adjusted gross income exceeds the following amounts:
Single or married filing separately: Over $99,000
Head of Household: Over $136,500
Married Filing Jointly: Over $198,000
Taxpayers are reminded that the stimulus checks can be offset to any outstanding child support owed by any of the taxpayers. Taxpayers are also reminded that they are entitled to one stimulus check. If a taxpayer receives more than one stimulus check, the taxpayer must return the additional check to the bureau immediately.
To date, the Government of the Virgin Islands has paid $68,460,542 to 44,472 Virgin Islands residents. The bureau has until Dec. 31, 2020, to make these payments to the eligible residents of the Virgin Islands.
If a resident is eligible for a stimulus check and has not received it as yet, please contact the Bureau of Internal Revenue’s offices at 340-773-1040 or 340-715-1040.