Stimulus payments from the cares act
here's what you need to know
Update based on information available as of April 15, 2020
The IRS has established the Coronavirus Tax Relief and Economic Impact Payments site to help consumers and businesses learn more about all the ways they are offering help to those affected by COVID-19. It's a great resource that provides a wealth of valuable information.
The IRS will start sending Economic Impact Payments in waves starting April 15th. Here are some of the most frequently asked questions about how and when consumers will start to receive them.
If you would like information on your payment status, your payment type and if the IRS needs more information from you, including bank account information, please visit their Get My Payment application page.
What do I need to do to receive my payment?
Most people won't need to take any action. There is no need to call the IRS. Visit the IRS' Economic Impact Payments page or this page for updates.
When will the payments be disbursed?
The first batch of stimulus checks will be posting effective April 15. After this initial batch, the Treasury will continue to issue payments every Friday. If you've filed your taxes electronically and the IRS has your direct deposit info, you could receive your payment as early as April 15th. Paper checks will be mailed starting May 4th.
What amount will be paid and who is eligible to receive a payment?
Most adults will get a one-time payment of $1,200, although some would get less depending on their annual income reported to the IRS.
- Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount of $1,200.
- For every qualifying child age 16 or under, the payment will be an additional $500.
- Married couples with no children earning $150,000 or less will receive a total of $2,400.
- Taxpayers filing as head of household will get the full payment if they earned $112,500 or less.
- The payment amount decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000.
- A family with two children will no longer be eligible for any payments if its income surpassed $218,000.
- You can’t get a payment if someone claims you as a dependent, even if you’re an adult.
- In any given family and in most instances, everyone must have a valid Social Security number in order to be eligible.
- There is an exception for members of the military.
- Most people receiving Social Security Retirement and disability payments each month will get a payment.
- Eligible veterans will receive a payment.
You can find your adjusted gross income on Line 8b of the 2019 1040 federal tax return. If you haven't filed your 2019 tax return the IRS will look at your 2018 tax return.
Please visit the Economic Impact Payment Information Center for complete details.
How will I know the status of my payment?
The IRS has launched the Get My Payment application that can be used for:
- Checking your payment status
- Confirming your payment type: direct deposit or check
- Entering your bank or credit union account information for direct deposit if the IRS doesn't have your direct deposit information and they have not sent your payment yet
You may need your 2019 return, if filed, and your 2018 return.
If you've had your tax refunds or have your benefits direct deposited into your First South Financial accounts, you will be able to see pending deposits in online banking.
What if I haven't filed tax returns recently? Will that affect my ability to receive a payment?
It might. On March 30th the IRS recommended that people who typically do not file a tax return will need to file a simple tax return in order to receive an economic impact payment. Included among those are many low-income taxpayers, veterans, and individuals with disabilities.
The IRS issued an assurance these individuals will not end up owing taxes because they are filing a tax return now to make it easier to receive their one-time stimulus payment.
What if I have additional questions?
Please visit the IRS' Economic Impact Payments page for complete details and the latest information.
We stand ready to help you. Please visit our member assistance program page to see how we can help you through these highly unusual and trying times.
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