We understand that many of you have questions about the delivery of Economic Impact Payments, which are a part of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). Here are some frequently asked questions about the stimulus payment:
As a Social Security recipient, I am not required to file a tax return. Will I get a stimulus payment?
Yes, you will. You do not need to do anything at all. Your stimulus payment will be directly deposited into the same bank account where your Social Security payments are deposited. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate your payment.
How much can I expect to receive?
Single taxpayers with an adjusted gross income of up to $75,000, and married taxpayers up to $150,000, will receive the full $1,200 payment. Those taxpayers with qualifying children (as defined by eligibility for the Child Tax Credit) will receive up to $500 for each child.
My child is now over 18 and will file their own tax return. However, I claimed my child as a dependent on my 2018 tax return. Will my child receive a stimulus check?
At this point, the answer to this question unfortunately appears to be no. There doesn’t appear to be a fix in the works for this problem; however, should anything change, we will let you know.
I have not had a refund direct deposited – how will I receive my stimulus payment?
If you have not in recent years had a tax refund direct deposited into your bank account, or if your banking information has changed, the IRS will be providing a website that you can access to provide your information. If you do not do this, the IRS will mail a paper check to your last known address.
When will I receive my stimulus payment?
That depends. The IRS will start the process of direct depositing payments to people for whom they have their bank information on file in mid-April. They expect this process to take about 3 weeks. Once that is finished, they will start mailing out the paper checks. The IRS will start in reverse “adjusted gross income” order, meaning the lowest income taxpayers will get their checks first. The IRS expects to mail out 100 million paper checks at a rate of approximately 5 million per week. This process will take approximately 20 weeks, so some taxpayers will not receive their checks until late September.
The best way to ensure receiving your payment as quickly as possible is to make sure the IRS has your banking information on file. As soon as the website is made available, sign up and provide your information. You will also be able to check on the status of your payment.
I received a phone call / email / text message from the IRS asking for personal information to receive my stimulus check. Should I give that information out?
NO!!!! DO NOT GIVE OUT ANY PERSONAL INFORMATION TO ANYONE, EVER! Unfortunately, even in a crisis, scammers are still on the prowl trying to steal your identity. They know taxpayers are desperate to get their payments and they are preying on this desperation. The IRS will NEVER contact you to request your personal information.
If anyone asks for your information and you don’t know what to do, contact our office immediately.
Stay safe, stay healthy, stay kind. We will get through this crisis together.