The IRS has already sent outstimulus money of up to $1,200 each to millions of eligible US residents who . But some who quality for the economic impact payment may need to move fast: The IRS said those who receive federal benefits — including Social Security retirement — will need to act by soon to receive their full payment this year.
We’ll break down what you need to know if you haven’t received your 2020 economic impact payment yet: How to find out if you’re eligible and how much money you could get. What to do if you’re usually exempt from filing taxes or receive federal benefits. Andif you don’t see the total post in your bank account — although some are experiencing .
Plus, here’s more personal finance information on how you , , how and during the coronavirus outbreak.
Is the money yours, free and clear?
Yes. You don’t have to pay taxes on any stimulus payment you receive from the IRS. It’s also not an advance on your usual tax refund. If you get a check now, your 2019 tax refund won’t be smaller as a result. You can spend the total of your stimulus money just like cash.
How much stimulus money you get depends on your taxes
The total amount of your stimulus check will be based on your adjusted gross income, or AGI, from your 2019 federal tax filing or — if you haven’t filed this year — your 2018 filing.
Here’s who is eligible for a stimulus payment
The amount you’ll receive will depend on your total income in 2019 or 2018. If you qualify, you’ll receive one payment. Here’s who qualifies:
- If you’re a single US resident and have an adjusted gross income less than $99,000
- If you file as the head of a household and earn under $146,500
- If you file jointly without children and earn less than $198,000
Read on for how your payment is calculated and how much you can expect. You can also look at this calculator from the Washington Post.
How much you’ll get as a single taxpayer
A single US resident must have a Social Security number and an AGI under $75,000 to receive the full amount of $1,200. The sum decreases as your AGI goes up. If your adjusted gross income reaches $99,000, you won’t be eligible for the stimulus.
Heads of household
If you file as head of a household, you will get the full $1,200 payment if your AGI is $112,500 or less, with the amount decreasing until you reach $146,500.
Couples filing jointly
Married couples filing jointly without children with an adjusted gross income below $150,000 will get a $2,400 payment, decreasing to zero at $198,000.
For each child aged 16 or younger in the family, parents will get a payment of $500. Parents will not receive a payment for children born, adopted or placed into foster care in 2020 because the payment is based only on information from your 2019 or 2018 tax return. The IRS said you may claim the child next year for an additional credit on your 2020 tax return. Older children and other dependents may not be eligible for a payment.
If you haven’t filed federal taxes for 2018, do that right now
The IRS said if you haven’t filed your 2018 federal taxes, that could affect your stimulus check and urges anyone who hasn’t filed a 2018 tax return to file now. Be sure to include direct deposit banking information on the return.
If you’re typically not required to file a tax return, you could still receive a payment
Many who normally are not required to file a tax return — including senior citizens, Social Security and Social Security Disability Insurance recipients and railroad retirees — will not need to file a simple tax return to receive the payment, the IRS said.
The IRS said recipients of Supplemental Security Income will automatically receive the full $1,200 economic impact payment, with no action needed on their part. The IRS projects payments for these recipients will go out by early May.
Others, including those who haven’t filed a 2018 or 2019 return because they are under the normal income limits for filing a tax return, can use the Non-Filers portal to get their payment. To get started, go to the IRS’ Non-Filers: Enter Payment Info Here site and tap the Non-Filers: Enter Payment Info Here button. As part of the process, you’ll enter personal information and, if you want to , banking information.
What about Social Security recipients?
The Treasury Department said that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive a payment. Instead, the IRS will use the information on Form SSA-1099 for Social Security beneficiaries who did not file tax returns in 2018 or 2019.
What about those who receive federal benefits and have children?
The IRS on Monday said those who receive federal benefits, have dependent children, and weren’t required to file a tax return in 2018 or 2019 may need to act soon to receive a full payment this year.
The group includes those who receive Social Security retirement, survivor or disability benefits, Railroad Retirement benefits, Supplemental Security Income or Veterans Administration benefits.
Those who meet those prerequisites should use the Non-Filers: Enter Payment Info Here tool to provide the IRS with information about themselves and their qualifying children. This will automatically add the $500 per dependent child payment to their $1,200 individual payment this year.
Without submitting this information now, the IRS will give you $1,200 this year and the additional $500 per eligible child with your return filing for tax year 2020 — roughly a year from now.
Those who receive Social Security, survivor or disability, or Railroad Retirement benefits have until 9 a.m. PT Wednesday, April 22, to update the IRS. Supplemental Security Income (SSI) and Veterans Affairs beneficiaries have a bit more time, the IRS said, but should update the IRS as soon as possible.
For more on how to use the Non-Filers tool, scroll up two sections in this article to learn more.
When will the checks will go out?
That depends. Many who they expect their checks to be mailed out April 24. And Secretary Mnuchin said the first paper checks will be mailed in a week. We’ve asked the IRS for clarification. Here’s what we know about .with the IRS started receiving their stimulus money last week. If you haven’t, it isn’t clear when the agency will send your check in the mail. CNET readers report
If you moved since the last time you filed your taxes, here’s where you can update your address with the IRS.
You can also set up direct deposit to have the check sent to your bank account
If you don’t have direct deposit to your bank account set up, but you want to receive the payment electronically, the IRS’ online tool is available now. Here’s. To avoid scams, the IRS cautions you not to provide your direct deposit or other banking information to others who offer to help you set up an electronic transfer.
Do you need to sign up, apply or request your check?
For most, the federal government will automatically send your check to you electronically or in the mail, if you qualify. If you’ve not filed a tax return for 2018 or 2019, the IRS said you may need to file one to receive a payment. Scroll up to the section “If you’re typically not required to file a tax return, you can still receive a payment” for details on who is required to file and how.
What to do if you don’t receive your check
If you qualify for a payment, the IRS plans to mail you a letter about your payment to your last known address within 15 days after it sends the money. The letter will provide information on how the IRS made the payment and how to report not receiving the payment if you don’t get it.
We have tips forand . In addition to the economic stimulus package, the US government delayed the . If you need more help, here’s .