STIMULUS CHECK: Everything you need to know -- UPDATE on Social Security Recipients

Check IRS.gov for the latest information: No action needed by most people at this time
IR-2020-61, March 30, 2020

WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

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.

I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

[link to www.irs.gov (secure)]

### UPDATE ###

Coronavirus stimulus cash: Don’t wait for your check in the mail

Treasury Secretary Steven Mnuchin said Friday that people can expect to receive their checks in three weeks – April 17 is when the direct deposits will go into people’s accounts. It is believed that a check in the mail could take longer.

[link to www.foxbusiness.com (secure)]

### UPDATE ###

IRS e-file site: [link to www.irs.gov (secure)]

### UPDATE ###

Over 3 million Americans delinquent on child support could lose stimulus checks

Owing back taxes or student loan debt won't be a problem for those seeking stimulus checks, but past due child support will be penalized as long as the information is properly reported by states to the Treasury Department. Once the payment is intercepted, the department is tasked with facilitating the transfer of the money to the entitled custodial parent.

[link to www.nbcnews.com (secure)]

### UPDATE ###

Social Security recipients will automatically get stimulus checks, Treasury says in reversal

The Treasury Department now says that Americans on Social Security will not be required to file a "simple tax return" to receive a stimulus check from the U.S. government. The announcement reversed an earlier statement from the Internal Revenue Service that participants in the federal retirement program would need to file such a return to get the funds.

[link to www.cbsnews.com (secure)]

Last Edited by Nawt Meh Prezdunt on 04/02/2020 02:45 PM