The distribution of economic stimulus checks has just begun in the United States. However, the entire process could take several weeks or more. 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 a COVID-19 Stimulus Check?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For tax filers with adjusted gross income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for married couples filing jointly with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
Where Will My Payment Be Sent?
Most people will not have to do anything additional in order to receive their payment. Your payment will be sent to your direct deposit account based on the information on file for your return payment from your 2019 or 2018 tax return.
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.
What if the IRS Doesn’t Have My Direct Deposit Information?
The United States Treasury plans to open a web-based portal for taxpayers to provide their banking information to the IRS online. You will need to have your Patriot membership number (the number on your membership card) or Patriot checking account number (770012xxxxxx) and Patriot’s routing number (231379979).
Can I Still Receive My Check 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 $1,200 per person, without the additional amount for any dependents at this time.
Will I Still Receive a Check 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.
How Long are the Stimulus Checks Going to Be Available?
The checks will be available throughout the rest of 2020. 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, visit IRS.gov/coronavirus. This website will be updated by the IRS as soon as new information is available. Patriot is also here to help you navigate through the current situation. Please do not hesitate to call us at 888-777-9982 (Mon – Fri: 7 AM – 7 PM, Sat: 7 AM – 3 PM EST).