The IRS will use your most current tax return (2018 or 2019) to determine:
• Your annual income for your economic impact payment (stimulus) payout amount
• Your direct deposit information or mailing address If you’ve already filed your 2019 taxes, you’re all set.
Which taxpayers are eligible?
Most taxpayers within the income ranges above are eligible for the stimulus check. Taxpayer must have a Social Security number.
Which taxpayers are not eligible?
The following taxpayers are NOT eligible to receive a economic impact payment:
I have dependents 17 and over, will I receive $500 for them?
You will receive $500 for children 16 and younger if you were able to claim them for the Child Tax Credit.
What is the income amount to receive the full amount?
To receive the full amount, your 2018 or 2019 Adjusted Gross Income must be below the following amounts for your tax filing status:
If your AGI was more than the amounts above, the credit will be reduced by $5 for each $100 over the limit. Ex. If you filed single with no children and your AGI was $85,000 in 2019, your check amount would be $700. When you enter your information into the stimulus check calculator, it will reflect these details in your result.
When will I receive my stimulus check?
The government plans to issue payments over the next few months starting in April..
How will the IRS send me my stimulus check?
The IRS plans to use the bank or financial account information listed on your most recent tax return or they will mail you a payment to your address on record if no account information is available.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
How do I update my IRS information?
The best way to update your information is to file your taxes. The IRS will use the bank account or address on your most recent filing. The Treasury is also creating a dedicated stimulus website that will allow users to provide the IRS your banking information online in the future.
Will I owe taxes on the stimulus check money?
No, you will not owe taxes on your payment. The legislation specifically states the payment will not be taxable.
What if I haven’t filed a return in 2018 or 2019?
You should try to file those returns immediately so the IRS has the most current information to process your payment. The IRS strongly urges those who haven’t filed yet and would normally file with direct deposit. This will speed up the delivery of your payment directly to your bank account. Due to limited IRS staff levels in IRS processing centers as a result of COVID-19, the economic impact payment for those who file paper tax returns may be delayed.
How long are the economic impact payments available?
These economic impact payments will be available throughout the rest of 2020.
The IRS will use your most current tax return (2018 or 2019) to determine:
• Your annual income for your economic impact payment (stimulus) payout amount
• Your direct deposit information or mailing address If you’ve already filed your 2019 taxes, you’re all set.
Which taxpayers are eligible?
Most taxpayers within the income ranges above are eligible for the stimulus check. Taxpayer must have a Social Security number.
Which taxpayers are not eligible?
The following taxpayers are NOT eligible to receive a economic impact payment:
I have dependents 17 and over, will I receive $500 for them?
You will receive $500 for children 16 and younger if you were able to claim them for the Child Tax Credit.
What is the income amount to receive the full amount?
To receive the full amount, your 2018 or 2019 Adjusted Gross Income must be below the following amounts for your tax filing status:
If your AGI was more than the amounts above, the credit will be reduced by $5 for each $100 over the limit. Ex. If you filed single with no children and your AGI was $85,000 in 2019, your check amount would be $700. When you enter your information into the stimulus check calculator, it will reflect these details in your result.
When will I receive my stimulus check?
The government plans to issue payments over the next few months starting in April..
How will the IRS send me my stimulus check?
The IRS plans to use the bank or financial account information listed on your most recent tax return or they will mail you a payment to your address on record if no account information is available.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
How do I update my IRS information?
The best way to update your information is to file your taxes. The IRS will use the bank account or address on your most recent filing. The Treasury is also creating a dedicated stimulus website that will allow users to provide the IRS your banking information online in the future.
Will I owe taxes on the stimulus check money?
No, you will not owe taxes on your payment. The legislation specifically states the payment will not be taxable.
What if I haven’t filed a return in 2018 or 2019?
You should try to file those returns immediately so the IRS has the most current information to process your payment. The IRS strongly urges those who haven’t filed yet and would normally file with direct deposit. This will speed up the delivery of your payment directly to your bank account. Due to limited IRS staff levels in IRS processing centers as a result of COVID-19, the economic impact payment for those who file paper tax returns may be delayed.
How long are the economic impact payments available?
These economic impact payments will be available throughout the rest of 2020.
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