On Friday, March 27, the federal government finalized a $2.2 trillion stimulus package that includes emergency payments of up to $1,200 per eligible taxpayer. More information has been coming out about those payments. Because there’s been a lot of confusion and assumptions about this money, we’re gathering what information we know about the payments.
Who gets the check?
If you file as an individual – Eligible tax filers with adjusted gross incomes of up to $75,000 will get the full $1,200 payment. The payment is reduced by $5 for every $100 over the $75,000 threshold. If your gross income exceeds $99,000 as an individual with no children, you will not receive a check.
If you file jointly with your spouse – Eligible joint tax filers with adjusted gross incomes up to $150,000 will receive the full $2,400 payment. The payment is reduced by $5 for each $100 about that threshold. If your joint gross incomes exceed $198,000 and you have no children, you will not receive a return.
If you have children – Eligible taxpayers will receive up to $500 per qualifying child.
If you receive social security – No additional action is needed. The government will either send you a direct deposit or a paper check.
How do I get the check?
If you’re eligible, the IRS will either send you a deposit via direct deposit or a paper check. Direct deposit will go out to individuals who have their account information on file from filing their 2018 or 2019 taxes.
When will I get my payment?
Direct deposit payments will start going out as early as the week of April 12. The IRS will then mail paper checks starting on May 4. They have stated that this could take as long as 20 weeks, although the IRS has expressed that it is trying to make those deposits more quickly.
Please be careful…
The IRS has stated that it is only sending out the money out via direct deposit or check using information from your 2018 or 2019 taxes or social security information. DO NOT give out your sensitive information over the phone. At no point has the IRS said it will be calling people to collect information.
DO NOT pay anyone in connection with this money. The IRS will not ask you to pay to expedite the process or to pay a small upfront fee. A popular scam is to ask for a small fee upfront to get the deposit early or other payment techniques.
If someone calls you or asks something questionable related to the stimulus payments, contact the IRS using the information on www.irs.gov to get clarification.
The IRS is publishing the latest information on its website. Visit www.irs.gov and look in the news section for additional details or clarifications.