The talks on stimulus checks have been touching the skies since the announcement of the CARES Act. We understand that most of you must be eagerly waiting to receive your checks and thinking of ways to receive them faster. Well, the gig is simple – make sure that the IRS has your bank details to make the direct deposit to your account. Here are a few quick facts that will give you a clear idea about how the stimulus checks are going to play out.
- Most of you will receive your direct deposits or checks by April 13, 2020.
- There is an online portal created by the IRS and TurboTax, where low-income Americans who don’t file income tax returns can submit their bank details to receive the direct deposit.
- If you are an eligible Social Security or Railroad retirees, then you will automatically receive your checks and don’t need to do anything extra.
- If you are a Veteran Beneficiary or recipient of Supplemental Security Income, then you can use the IRS non-filer portal.
- You don’t need to do anything to receive the stimulus check if you have filed your 2018 or 2019 returns. If you have not filed in either of the years, then you will need to file to receive the payment.
- You can check the status of your Stimulus Checks by visiting the newly launched IRS Get My Payment Portal. You can also use this portal to upload your direct deposit details.
This is not it. Let us look at some of the important facts about stimulus checks and if your check is on the way or not.
How do I know if I will receive a stimulus check?
The checks started going out on April 13, 2020. If you haven’t received it till now, then you can visit the IRS Get My Payment Portal to track the following information.
- Payment Status
- Payment Type
- Whether the IRS needs more information to process the stimulus check.
How do you know if you are eligible?
If your adjusted gross income is up to $75,000 ($112,500 for heads of household and $150,000 for couples filing jointly), then you are eligible to receive the full payment of $1200 if you are single or head of household, and $2400 if you are married. If you have children below the age of 17 years, then you will also receive an additional $500 per child.
What to do if you have filed both 2018 and 2019 returns?
The IRS is going to refer your 2019 returns to take your bank details. If you haven’t filed this, then they will refer your 2018 returns. If you have filed both and the returns contain your bank information, then you will automatically receive the payment and don’t need to do anything.
What to do if you filed but did not provide your bank details?
The IRS has launched a new portal on April 15, 2020 – Get My Payment. You can visit this portal and update your bank information there to get a direct deposit on the check.
What to do if I am on Social Security and do not need to file Federal Income Tax Returns?
If you do not need to file tax returns because you are a Senior Citizen, Social Security Retiree, or Railroad Retiree, then you do not need to do anything to receive the check. The IRS will use the information mentioned in your Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payment to recipients who do not file a return.
What is the IRS Non-Filer Portal?
The IRS has launched the new IRS Non-Filer Portal for those who do not file a return and would have not otherwise received the stimulus payment. This portal is for those who do not need to file a return because their income is too low or who are Veteran Beneficiaries or receive Supplemental Income.
What to do if I am required but did not file my 2019 returns?
If you are required to file the 2019 returns but haven’t yet, then you should file it now to receive your stimulus check and also do not forget to mention your bank information to receive the direct deposit.
What happens if I don’t have a bank account to receive the direct deposit?
Well, in this case, the IRS will mail the check to you on the address mentioned in your 2018 or 2019 returns. If your address is changed now or is wrong, then you should update the current address with the IRS by sending a change of address form.
Keep visiting MyTaxFiler blog to stay updated with the latest tax-related updates about the stimulus program or any changes or requirements. We will have all the latest information about stimulus payments and other tax-related information one must be aware of. For more information, contact MyTaxFiler at C19Grants@mytaxfiler.com.