What You Need to Know About Your COVID-19 Stimulus Payments
The distribution of a second round of economic stimulus payments has just begun in the United States. These will be automatically distributed, needing no action from most people. Read below to find out anything you need to know about receiving your check.
Who is Eligible for The Second Round of Stimulus Payments?
Generally, if you’re a U.S. citizen or U.S. resident alien, you may be eligible for $600 ($1,200 for a joint return), plus $600 for each qualifying child, if you (and your spouse, if filing a joint return) aren’t a dependent of another taxpayer on a 2019 tax return, have a social security number (SSN) valid for employment and your adjusted gross income (AGI) does not exceed:
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.
You aren’t eligible for a payment if any of the following apply to you:
For more details, please visit: https://www.irs.gov/coronavirus/second-eip-faqs.
How Will l Receive My Stimulus Payment?
Like previously, most people will not have to do anything additional to receive this second round of payment. Direct deposit payments for the second round of stimulus have just begun posting, based on the information on file for your return payment from your 2019 or 2018 tax return. In other cases, checks will be printed and delivered to the US Post Office over the next several weeks. Pre-paid debit cards are also being issued since January 4, 2021.
The IRS will use the information from your 2019 tax return to calculate your payment. If you have not filed your 2019 taxes, the IRS will use your 2018 tax return to calculate your payment.
Can There Be Delays In Receiving Payments In Certain Cases?
Members who filed for a “Rapid Refund” through a tax preparation service like H&R Block, Jackson Hewitt, TurboTax, etc. may see a delay in receiving their ACH deposits. For more information please contact your tax preparation service representative, if applicable.
How Can I Check the Status Of My Stimulus Payments
You may check the status of your stimulus payment at IRS.gov/getmypayment. The information on this portal gets updated daily; as a result you don’t need to check any more frequently than once a day. It may be a lot easier to check the status via this online portal, as opposed to calling your financial institution or the IRS. (Note -Some individuals who filed for a ‘Rapid Refund” may find discrepancies when checking their payment status.)
For other COVID-19-related tax relief, visit IRS.gov/coronavirus.
Can I Still Receive My Payment if I Don’t Usually File a Tax Return?
Yes, you can still receive your check if you don’t usually file a tax return. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Stimulus Payments to recipients of benefits who are not required to file a tax return. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
Since the IRS would not have information regarding any dependents for these people, each person would receive $600 per person, without the additional amount for any dependents at this time.
Will I Still Receive a Payment if I Haven’t Filed My Taxes for 2019 or 2018 Yet?
You can still receive an economic stimulus check. IF you have a tax filing obligation, you should file your 2019 or 2018 taxes as soon as possible in order to receive your check. You will have to complete your 2019 or 2018 tax return before you receive your check. Make sure you include your direct deposit information on your tax return.
If you are one of the many people concerned about having time to visit a tax preparer or community organization in-person, this delay will not keep you from getting your stimulus check once you are able to complete your 2019 or 2018 tax return. In light of the current world circumstances, some tax preparation companies are offering no-touch options for helping to prepare your taxes. If you have not completed your taxes yet, this may be something to look into. Patriot members can also receive a discount on online tax preparation with TurboTax here.
Want More Information?
For more information about your stimulus payments, visit https://www.irs.gov/coronavirus/second-eip-faqs. This website will be updated by the IRS as soon as new information becomes available.