We understand there is much confusion surrounding the U.S. Government Economic Impact Payment stimulus checks many of you should receive and we want to provide some clarity. Qualified recipients began to receive payments this week. The money will appear automatically in your bank account if the IRS has your account information on file from previous years’ tax returns. If the IRS doesn’t already have your account information, or if you didn’t file taxes in 2018 or 2019, you can submit your information using this website.
Who Gets an Economic Impact Payment?
Individuals who:
- Are a U.S. citizen or legal resident (Read about California’s announcement of $500 in relief for undocumented immigrants by clicking here)
- Have a work-eligible Social Security number
- Are not a dependent, or eligible to be a dependent, on any other taxpayer’s return
How large will the check be?
The money will be received by everyone qualifying based on the gross adjusted income of your 2019 tax return, or your 2018 return if you have not yet filed, which should be the case for many people. Below is a chart of how much to expect to receive based on tax filing status and adjusted gross income.
You should receive an additional $500 per dependent child under the age of 17. Most checks will be sent via direct deposit based on the bank account used for your tax returns and the rest will be mailed.
Who will receive the Economic Impact Payment automatically without taking additional steps?
Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments including:
- Individuals who filed a federal income tax for 2018 or 2019
- Individuals who receive Social Security retirement, disability (SSDI), or survivor benefits
- Individuals who receive Railroad Retirement benefits
Who needs to provide additional information to receive the Economic Impact Payment?
Eligible U.S. citizens or permanent residents who:
- Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019, or
- were not otherwise required to file a federal income tax return for 2019, and didn’t plan to
Click here to sign up to receive your payment. The IRS will use this information to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information you won’t need to take any additional action.
Information you will need to provide if you must provide additional information:
- Full name, current mailing address and an email address
- Date of birth and valid Social Security number
- Bank account number, type, and routing number, if you have one
- Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year if you have one
- Driver’s license or state-issued ID, if you have one
- For each qualifying child: name, Social Security number or Adoption Taxpayer Identification Number and their relationship to you or your spouse
What should you do with the money?
- Pay for necessities
- Pay off debt, if possible
- Start or build your emergency fund
- Invest
- Help others in need
If you have any additional questions or concerns, please do not hesitate to reach out.
