According to the IRS, they have sent out the first wave of economic impact stimulus check payments on Saturday, April 12. Here’s when you can expect your check if you haven’t already received it, and how much you are eligible for.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and includes a one-time cash payment of $1,200 to many Americans with Social Security numbers. These Economic Impact Payments are a one-time payment from the government for citizens during this time of financial uncertainty.
Please note, this is not part of a tax return, it does not affect your tax refund or tax payment due.
You can visit the IRS website here to find out if you qualify for a stimulus check and if you have more questions.
What do I have to do to get my stimulus check?
Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments including individuals who
- filed a federal income tax for 2018 or 2019
- receive Social Security retirement, disability (SSDI), or survivor benefits
- receive Railroad Retirement benefits
If you did not file 2018 or 2019 taxes, and are required to file, you can file your taxes now to ensure that you get your check as soon as possible.
If you aren’t required to file federal income taxes for 2018 or 2019, you can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info. This information will determine your eligibility and payment amount.
When will it get to me?
If you filed taxes in 2018 or 2019 and authorized direct deposit for refunds or payments, the IRS will automatically deposit your payment into those direct deposit accounts that they have on file. These deposits started on Saturday, April 11, and should arrive by April 15. These dates are constantly evolving and changing, please see the IRS website for complete information.
- Week of May 4, 2020: The IRS will start sending paper stimulus checks.
- Each week following: Approximately 5 million paper checks will be issued each week.
- Based on this tentative schedule, some Americans may not receive their check until the week of August 17.
If you haven’t received your direct deposit by April 15, or wish to receive direct deposit instead of a check, they will offer a Get my Payment Application starting in mid-April to provide your direct deposit information. If you used direct deposit the last time you filed taxes but your bank account information has changed, you will need to provide the updated information with the Get My Payment Application as well.
The Department of the Treasury and IRS also launched the “Get My Payment” web application. The FREE app allows taxpayers who filed their tax return in 2018 or 2019 but did not provide their banking information on either return to submit direct deposit information. Once they do, they will get their Economic Impact Payments deposited directly in their bank accounts, instead of waiting for a check to arrive in the mail. “Get My Payment” also allows taxpayers to track the status of their payment.
Are you expecting a check payment but have moved since you last filed taxes? You must provide your new mailing address; see details here.
How much will my Stimulus check be?
Under the economic relief package, many individuals are due up to $1,200 and couples will receive up to $2,400, plus $500 per child. Stimulus payments of $1,200 will also go automatically to Americans who are on Social Security retirement, Railroad Retirement, veterans benefits or disability benefit programs.
Your stimulus check is based on your adjusted gross income from your 2018 or 2019 tax return. Please note that amounts are based on marital status and how you filed your taxes.
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 under 17.
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.
Stimulus payments of $1,200 will also go automatically to Americans who are on Social Security retirement, Railroad Retirement, veterans benefits or disability benefit programs.
Also note that the IRS will not call you or text you. The IRS will also not email you. Phone calls and emails sent to you claiming to be from the IRS are scams. Please do not give out any information to these people and check in with any friends or family about these scams, as older adults tend to be targets for these things.
If you have bills that are due, we recommend that you pay those bills first, even if you’ve been given an extension for the next few weeks or months on those bills. You will eventually need to pay those balances in full when the extension has been lifted, so it’s best to take care of that right away.
Stay tuned for any updates regarding events and promotions around the city that may be affected by the Coronavirus. We make every effort to make sure everything on Vegas Living on the Cheap is 100% accurate. Please bear with us as we navigate this new territory and strive to give you the most relevant information.
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