How much and when: Check your stimulus payment
The federal government has started making direct deposits to tens of millions of Americans to help people survive financially in the wake of the COVID-19 coronavirus pandemic. The first payments began showing up for some people on April 11, and millions more were deposited on April 15.
When and how much can you expect to receive? Check the IRS' new Get My Payment tool. The tool is supposed to provide the timing and method of payment (direct deposit or check), and allow taxpayers to provide direct deposit information to speed payments.
Based on the CARES act approved by the U.S. Senate and the House last month, many Americans will receive a payments of $1,200, and families would see an extra $500 per child they claim as a dependent on their tax returns.
Want to know how much you are projected to receive?
Answer four questions below to see an estimate of the stimulus payment you are eligible to receive under the CARES act. Additional information is provided below the calculator.
When can I expect my check or direct deposit?
For as many as 60 million Americans, the money is likely to arrive by via direct deposit, based on their 2018 or 2019 tax returns.
Taxpayers without direct deposit arrangements who want to add their bank account information to speed receipt of their payment will need to provide the following additional information on the new government website:
- Adjusted Gross Income from their most recent tax return submitted, either 2019 or 2018
- The refund or amount owed from their latest filed tax return
- Bank account type, account and routing numbers
Americans who did not file a tax return in 2018 or 2019 can use “Non-Filers: Enter Payment Info Here” website to submit basic personal information to securely receive their Economic Impact Payments.
Americans who filed 2018 or 2019 tax returns with direct deposit information or receive Social Security do not need to take action. They will automatically receive payment in their bank accounts.
If you have moved since filing your last tax return, you will likely need to update your address with the IRS.
Paper checks for those who don't supply direct deposit banking information should start going out by the week of May 4 – about 5 million checks a week.
Sen. Thom Tillis said those checks may take weeks to distribute, with the money going first to people with lower incomes. It could take months, into September, to distribute all paper checks, according to some reports.
How the federal relief payments are calculated
Individuals earning up to $75,000 a year will be eligible for the full $1,200 payment. Reduced checks will be sent to individuals making up to $99,000 a year. The payment drops $5 for every $100 in income above $75,000).
Taxpayers filing joint returns are eligible for $2,400 check provided their adjusted gross income is under $150,000. Payments will be reduced by $5 for every $100 of income above $150,000, up to $198,000. Married couples also will receive an additional $500 for every child under 17.
People who file as a “head of household” (typically single parents with children) are eligible for a $1,200 payment. Payments will be reduced $5 for every $100 of income above $112,500. Heads of household will also receive an extra $500 per child under 17.
What happens if I don't see a direct deposit or check when I am expecting one?
For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure, they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists."
My child was born in 2020. Will the stimulus payment include them?
Stimulus checks or direct deposits will not include payments for children born this year. To expedite payments, lawmakers based all eligibility for relief payments based on 2019 or 2018 tax returns. You will be eligible to get that $500 tax credit when you file your 2020 taxes.
What about people on social security and disability?
Good news. People on Social Security, retirees and people receiving disability payments are eligible to receive the coronavirus relief payment provided their total income does not exceed the limits given above. According to the Washington Post, low-income Americans on Social Security do not need to file a tax return. As long as they received an SSA-1099 form (the Social Security benefit statement), the government will send them a payment via the usual way they get their Social Security payment.
Published: 2020-01-21 19:20:00
Updated: 2020-04-23 17:12:30