First round of stimulus checks issued
The IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today {April 13th, 2020}.
You might be wondering:
Do I qualify for a stimulus check? When will I get my stimulus check? Will I really get $1,200?
Here’s what you need to know:
Does everyone get a stimulus check?
No. However, most Americans will receive a stimulus check.
How do I know if I get a stimulus check?
If one of the following describes you, then you will get a stimulus check:
You are a U.S. citizen or permanent resident who filed federal income taxes for 2018 or 2019 if you meet the income thresholds;
You receive Social Security retirement, disability (SSDI), or survivor benefits; or
You receive Railroad Retirement benefits.
Do I need to do anything to get a stimulus check?
If you fit the criteria above, then you don’t need to do anything to get a stimulus check.
What are the income thresholds to get a stimulus check?
If your adjusted gross income is lower than these numbers, you qualify for a stimulus check of $1,200:
Single Filer: $75,000
Head of Household: $112,500
Married/Joint Filer: $150,000
How much money will I get?
If your adjusted gross income is less than these numbers, your stimulus check amount will be:
Individuals: $1,200
Married Couples: $2,400
Dependent Children: $500 (must be less than 17-years-old)
What if my income is below the maximum income amount, but higher than the income levels that get the full $1,200 stimulus check?
The stimulus check amount phases out by $5 for every $100 above certain income levels based on your tax filing status. Which means your stimulus check will be reduced by $5 for every $100 more in adjusted gross income that you have above the maximum income threshold.
We recommend using a stimulus calculator to calculate your check amount.
Does everyone get a $1,200 stimulus check?
No. If you qualify for a stimulus check, your stimulus check may be less than $1,200 because if you have higher adjusted gross income, the amount of your check can be lower due to the phase out.
When will I get my stimulus check?
it depends. If you included your direct deposit information on your 2018 or 2019 federal tax return, then you may receive your stimulus check this week. The first checks were sent as early as April 9 via direct deposit to taxpayers who provided their direct deposit information on their 2018 or 2019 federal tax return. Check your bank account to see if your stimulus money has been deposited.
I didn’t provide my direct deposit information on my tax return. When will my stimulus check arrive?
If you did not provide direct deposit information, the IRS will send you a paper stimulus check. The IRS will start sending paper stimulus checks beginning April 24. Each week, the IRS plans to send approximately 5 million paper stimulus checks, starting with taxpayers with the lowest adjusted gross income.
How do I get my stimulus check faster?
If you didn’t include your direct deposit information on your 2018 or 2019 federal income tax return, don’t worry. There’s good news for you. On April 17, the IRS will release a new online tool called Get My Payment, which will also enable you to input your direct deposit (bank account) information to get your stimulus check faster.
More questions? Refer to the IRS page to stay up to date.