WHERE’S MY PAYMENT?
Many taxpayers have already received refunds via direct deposit, especially if direct deposit bank information was already on file and 2019 tax returns had already been filed.
You can check the status of your stimulus payment and update bank information here:
https://www.irs.gov/coronavirus/get-my-payment.
There are many reasons you may get an “insufficient information” message. For instance, if you only used bank information to pay taxes (and did not have refunds) then you need to use the link above to enter your bank information. See https://www.irs.gov/coronavirus/get-my-payment-frequently- asked-questions for further information about address changes, mailing of checks and why certain groups of taxpayers have not received payments yet.
FREQUENTLY ASKED QUESTIONS
IRS will use the most recent tax return (2018 or 2019) it has on file to determine eligibility.
Q: I have already filed – my 2018 income qualified me but I made too much for 2019. If the IRS is only looking at the most recent filed tax return am I out of luck?
A: We think you will not get a payment unless you qualify based on your 2020 tax return. This looks to be an inadvertent inequity. Stay tuned in case there is more clarity or changes in the provisions.
Q: I have not filed yet .Should I wait to file my taxes or file as soon as possible?
A-1: If you qualified based on your 2018 taxes, but would not qualify based on your 2019 taxes (income went up) then you should wait until you receive your stimulus check.
A-2: If you did not qualify based on your 2018 taxes but would qualify based on 2019 you should file as soon as possible. We do not know how long the IRS will continue looking to newly filed 2019 returns. But if you miss out now you would get the payment on your 2020 taxes.
Q: My income was too high for 2018 and 2019 but is taking a hit in 2020. Am I out of luck?
A: NO! You will receive the appropriate payment as part of your 2020 taxes
Q: I have not filed because I earn too little to file a return. What to do?
A: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
SUMMARY OF KEY PROVISIONS
- If qualified, $1,200 if filed single or head of household; $2,400 married filing joint, $500 per child; married filing separate – unknown at present
- Full amount for married with “adjusted gross income” $150,000 or less; single $75,000 or less; head of household $112,500 or less; amount “phased out” above those limits based on income
- $500 for every dependent under age 17 “at the end of the tax year” claimed on your tax return. If you are claimed as a dependent on another’s tax return you are not eligible
- Social Security recipients who have not filed for taxes do not need to file additional paperwork before getting their $1,200 check. Take This out: If your direct deposit information is on file with the IRS, you should receive your payment in a few weeks
- IRS will send checks via direct deposit to the bank account on file from the tax return it uses. If your bank account has changed use the “get my payment” link listed above to update. Checks will be mailed to address on the tax return if there is no relevant bank information present
- Non-resident aliens are eligible with same criteria
- Will get if living abroad and otherwise eligible
- Eligible even if the income tax refunds are being garnished to repay debts such as for student loan defaults or to repay IRS debts. In fact, the legislation temporarily suspends nearly all such garnishment of refunds. This does NOT apply if you are behind on child support. More details on this issue here: https://predatorystudentlending.org/news/press-releases/statement-on-the-covid-19-economic-stimulus-package-and-student-loan-relief-press-release/
- More info on the stimulus here: https://www.taxslayer.com/blog/2020-coronavirus-stimulus-check-how-much-who-qualifies/
