The IRS has updated its “Get My Payment Tool” this morning and its finally allowing many people to enter their bank information to receive their stimulus check quicker. If you’ve tried before without success, you can try again this morning.
To enter your bank information, go to this link and click on ‘Get My Payment.’ You’ll need to have your most recently filed tax return (2018 or 2019) to submit your information.
The IRS has announced that the first wave of Economic Impact Payments have been deposited into recipients’ bank accounts. If you’ve filed a 2018 or 2019 tax return and received a refund via direct deposit, your stimulus check should already appear in your bank account or will appear in the next day or 2.
If the IRS doesn’t have your bank information, they will mail you a check by the end of the month. However, starting Friday April 17th, the IRS will launch an online tool that will allow you to submit your bank information to expedite the process. You will also be able to check the status of your stimulus check.
People who were not required to file a 2018 or 2019 return can request their stimulus check now thru the IRS by clicking here.
Social Security beneficiaries who don’t file tax returns will receive their payments by direct deposit starting April 20th. They do not have to request the stimulus check; they will receive the money the same way they receive their social security benefits.
The IRS plans to mail a letter about the economic impact payment within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment.
Read our update below from March 27th to see how much you can expect to receive. You can also check this article from USA Today.
Scammers are calling Americans as if they’re representing the IRS and asking people for their bank account info and social security numbers!
DON’T BE A VICTIM! IRS never calls anyone for any reason!
See below for complete info on:
– If you qualify for a check?
– How much will you receive?
– How do you claim it?
– & More Below:
Read more about this scam here
The Senate and Congress have passed this huge Coronavirus Economic Relief Plan.
Who gets a check?
If you’re single and made less than $75,000, you qualify for a $1200 check. If you made between $75,000-$99,000, you’ll receive a reduced check. If you made over $99,000, you do not qualify.
If you’re married and made less than $150,000 combined, you qualify for $2400. If you made between $150,000-$198,000, you’ll receive a reduced check. If you made over $198,000 combined, you do not qualify.
If you qualify for the above and have children, you’ll receive an additional $500 per child under 17!
What’s the income based on?
If you already filed your 2019 return, the IRS will use your info from that return. If you have yet to file your 2019 return (deadline now pushed to July 15), the IRS will use your 2018 return information.
How will you receive the money?
If the IRS has your direct deposit information from previous tax payments or refunds, you’ll receive a direct deposit some time in April (as early as April 6). If they do not have your information on file, the Treasury will open up an online portal where you’ll be able to input your banking information.
Are these checks taxable?
No, these checks will be tax free
How many payments will there be?
As of now, they only agreed on 1 stimulus payment but there will be another one if the economy hasn’t recovered by the summer
What if you made more money in 2018 and 2019 but now lost your job in 2020?
The government knows that judging your current situation by past years is not ideal. So those who don’t qualify based on 2018 and 2019 tax returns but qualify because they lost their job in 2020, won’t get a check right away. Rather, they will qualify for a rebate when they file their 2020 tax return.
How much will you receive? The Washington Post has a Stimulus Check Calculator where they’ll calculate how much your check will be based on your info.
Originally posted March 17th
President Trump and Treasury Secretary Mnuchin announced they are working with the Senate on sending all adults checks for at least $1,000 to mitigate the economic impact of the coronavirus. In addition, they plan on deferring all tax payments.
Qualifications will vary based on a person’s income but this is an unprecedented move
Via the Daily Mail:
‘The payroll tax holiday would get money to people over the next six to eight months. We’re looking to send checks to Americans immediately,’ explained Treasury Secretary Steven Mnuchin in the press briefing room. ‘Americans needs cash now and the president wants to give cash now.’
‘And I mean now – in the next two weeks,’ Mnuchin added.
Mnuchin said he was previewing the plan with Capitol Hill Republicans and would reveal more details later, but he suggested the amount could be more than $1,000. There would also be some income cut-offs. ‘You don’t need to send people who make a million dollars a year checks,’ he said.
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