The Internal Revenue Service (IRS) has provided more information about the IRS stimulus payments they will distribute within the next three weeks, also referred to as Economic Impact Payments or COVID-relief checks. Those who filed their taxes in 2018 or 2019 do not have to do anything to receive their check. There are a lot of details to this stimulus package, so we’ve compiled everything you need to know, including when you can expect to receive your stimulus.
Check Calculator
Economic Impact Payments in the form of stimulus checks will provide much needed support to Americans in the midst of the Covid-19 pandemic. This calculator will show you how much you can expect to receive, if anything, in your stimulus check. To use the calculator, enter information from your most recent tax filing. Deductions and additions to the standard amount are made based on income level and dependents under 17. Stimulus Check Calculator
Filing as an Individual
If you filed your taxes individually in either 2018 or 2019 and have an adjusted gross income (AGI) up to $75,000, you will receive $1,200. If your AGI is from $75,000 up to $99,000, the payment amount is reduced by $5 for every $100 above the $75,000 threshold. If you have kids, you will receive up to $500 for each qualifying child (dependent aged sixteen or younger). If you have no children and have an AGI that exceeds $99,000, you are not eligible to receive this stimulus.
Filing Jointly
If you filed your taxes jointly in either 2018 or 2019 and your AGI is up to $150,000, you will receive $2,400. If your AGI is from $150,000 up to $198,000, your payment amount will be reduced by $5 for every $100 above the $150,000 threshold. If you have kids, you will receive up to $500 for each qualifying child (dependent aged sixteen or younger). If you have no children and have an AGI that exceeds $198,000 jointly, you are not eligible to receive this stimulus.
How Will I Get My Payment?
If you used direct deposit to get your tax refund in 2018 or 2019, the IRS will direct deposit your stimulus check into that account. If you did not use direct deposit in 2018 or 2019, the IRS is developing a portal at irs.gov/coronavirus, where you will be able to give them your bank information. If you did not use direct deposit for your 2018 or 2019 tax return and don’t input your information, you will receive a check in the mail.
When will I get my payment?
According to the U.S. Department of the Treasury, direct deposits will start on April 9 and will be spread out over the next couple of weeks.
Americans who choose to receive their Economic Impact Payment by physical check (i.e. those who do not use direct deposit to receive their tax refund or do not fill out the coming IRS form at irs.gov/coronavirus) may have to wait. Checks will be arriving over the coming months based on how much you earn.
What if I’m not required to file a tax return?
Social Security recipients, senior citizens, and railroad retirees do not need to do anything to receive their Economic Impact Payment. Each person who falls into one of these brackets will receive $1,200. The IRS will use Form SSA-1099 or Form RRB-1099 to determine where to send your payment.
Where can I find more information?
There is lots more information available on the IRS Coronavirus page.
I’ve never used direct deposit, what do I need to know?
If you’ve never used direct deposit before, you’ll need to check this page in a few days to find the direct deposit form the IRS will be launching. Then you’ll need to know some information about your credit union or bank account, specifically the routing and account numbers associated with the account you’d like to receive the deposit in.
If you do get a check from the IRS in the mail, you can use Mobile Deposit to get that money into your accounts without coming in to a branch.