So many questions when it comes to the Economic Impact Payment, or stimulus payment, from the IRS!
The IRS has announced that payments will start being processed and will be available for those who typically file taxes beginning on Monday, April 13, 2020. If you filed a 2019 or 2018 tax return, you don’t need to do a thing. The IRS will send your payment using the information you provided on your return.
If you don’t typically pay taxes, your payment could take up to a month to arrive. And you will likely need to fill out some paperwork.
You can track your payment, confirm or update your payment type, and file for payment here: https://www.irs.gov/coronavirus/economic-impact-payments
Let’s try to tackle the top few Q&A we are getting from our readers. (Most answers are sourced from irs.gov for accuracy.)
Who gets a check?
U.S. residents that are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
How much do I get?
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.
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.
How do I get my money?
No additional action is needed by taxpayers who:
Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don’t need to take action.
For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child.
What if I don’t file taxes but I am eligible?
There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. Taxpayers can check the IRS.gov tool – Do I Need to File a Tax Return? – to see if they have a filing requirement.
Information to have handy if you need to file a tax return: