What you need to know about your COVID-19 stimulus checks
Americans who are eagerly waiting for checks from the coronavirus stimulus package signed by President Donald Trump on March 27 won’t have to wait much longer.
The Internal Revenue Service (IRS) announced over the Easter weekend that the first coronavirus stimulus checks were being deposited into some taxpayers banks accounts.
#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS
— IRS (@IRSnews) April 11, 2020
Who’s getting a check first?
The people who will receive the first checks are those who filed their taxes in 2018 or 2019 and received refunds through direct deposit.
Those who didn’t file their taxes or are very low income will have to wait longer for their money. Paper checks should start going out in early May.
Elise Gould, a senior economist with the Economic Policy Institute said that others might not receive their money until mid-summer.
“There’s going to have to be a way to collect their information, and that process could take a couple months,” Gould said.
If the IRS doesn’t have your current bank information for direct deposit, the agency is putting together a web portal that users can use to check the status on their stimulus checks. This tool should be launched by Friday, April 17.
If you would like to view the stimulus check tracker info, you can go here.
The IRS launched the page to allow those who didn’t file their taxes to provide the federal government with payment information.
How much will I get?
Some people are wondering just how much they’ll receive from the federal government after the COVID-19 pandemic.
People who make $75,000 or less will receive $1,200. That amount is changed for people who make $99,000 or more.
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers while those filing jointly as married will receive $2,400 as long as they aren’t dependent on another taxpayers. You must also have a work eligible Social Security number with adjusted gross incomes up to:
- $75,000 for individuals
- $112,500 for head of household filers
- $150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their Adjusted Gross Income (AGI) is between:
- $75,000 and $99,000 if their filing status was single or married filing separately
- 112,500 and $136,500 for head of household
- $150,000 and $198,000 if their filing status was married filing jointly
The amount of the stimulus check will depend on the taxpayers specific AGI.
You will also receive a stimulus check if you:
- Are an eligible retiree
- Receive Social Security
- Receive Railroad Retirement
- Receive disability or veteran’s benefits
- Are a taxpayers that doesn’t make enough money to file a tax return
- Have no income
- Receive income from certain benefit programs like Supplemental Security Income benefits
You will not receive the stimulus check if your adjusted gross income is greater than:
- $99,000 if your filing status was single or married filing separately
- $136,500 for head of household
- $198,000 if your filing status was married filing jointly
You will not be eligible to receive the money if you:
- Do not have a valid Social Security number
- You are a nonresident alien
- You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019
You also don’t need to take any additional action to receive the aid if you:
- Filed your tax return for 2018 or 2019
- Receive Social Security or Railroad Retirement benefits
- Receive Social Security Disability Insurance (SSDI)
Social Security and Railroad retirees as well as SSDI who have qualifying children will also receive an additional $500 per qualifying child.
The IRS also has plans to mail a letter concerning the economic impact payment to the taxpayers last known address within about 15 days that the payment is sent. The IRS is also urging taxpayers to be on the lookout for scamp artists when they receive their impact payments.
It’s important to note that the IRS will NOT
- Call you
- text you
- email you or
- contact you on social media asking for personal or bank account information especially related to the economic impact payments.
Individuals will receive the money by direct deposit or by paper check.