Stimulus payments are starting to go out. The IRS states on their website that they are committed to getting the Economic Impact Payments (also referred to as stimulus payments) out as soon as possible. The payments are automatic for most taxpayers. No further action is needed for those taxpayers that filed tax returns in 2018 and 2019 and most seniors and retirees. IRS plans to mail a letter to taxpayers within 15 days after payment is made.
How much will I get for a stimulus payment?
The amount you will receive is dependent on your adjusted gross income (AGI). The maximum amount is as follows:
- $1,200 for individuals
- $2,400 for married couples
- $500 for each qualifying dependents under 17
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
Get my payment is updated once daily, usually overnight. The IRS urges taxpayers to only use Get My Payment once a day given the large number of people receiving Economic Impact Payments. If taxpapers access it more than one time per day, they will get locked out with possibly no way to get it unlocked!
How will the IRS determine the amount?
The IRS will use your 2019 tax return, if you have filed already. Otherwise they will use your AGI from your 2018 taxes.
How will this stimulus check affect my 2020 taxes?
Your 2020 tax return and any refund you are due when you file in 2021 will not be affected by this stimulus check payment.
What if my AGI is less in 2020 than when they looked at my past AGI?
You may be eligible for a remaining stimulus money if your AGI is lower in 2020 than previous AGI. For example, if your AGI was $85,000 in tax year 2019, but $60,000 in tax year 2020, you will get the remaining stimulus money owed to you on your 2020 tax return.
The IRS created an online portal “Get My Payment”. Due to high volume using the IRS Get My Payment App, you may experience some technical difficulties.
This allows taxpayers to:
- Check your payment status
- Confirm your payment type (direct deposit or check)
- Update or enter your bank account information for direct deposit if they don’t have your direct deposit information and they haven’t sent your payment yet
What do non-filers need to do?
Who should use the Non-Filers: Enter Payment Info online application?
Eligible U.S. citizens or permanent residents who:
- Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
- Were not otherwise required to file a federal income tax return for 2019, and didn’t plan to
You can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info. The IRS will use the information to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information you won’t need to take any additional action.
Link to Non-Files Enter Payment Info
Non-Files: Follow these steps in order to provide your information:
- Go to Non-Filers: Enter Payment Info. Create an account by providing your email address and phone number; and establishing a user ID and password.
- You will be directed to a screen where you will input your filing status (Single or Married filing jointly) and personal information.
- Note: Make sure you have a valid Social Security number for you (and your spouse if you were married at the end of 2019) unless you are filing “Married Filing Jointly” with a 2019 member of the military. Make sure you have a valid Social Security number or Adoption Taxpayer Identification Number for each dependent you want to claim for the Economic Impact Payment.
- Check the “box” if someone can claim you as a dependent or your spouse as a dependent.
- Complete your bank information (otherwise the IRS will send you a check).
- You will be directed to another screen where you will enter personal information to verify yourself. Simply follow the instructions. You will need your driver’s license (or state-issued ID) information. If you don’t have one, leave it blank.
You will receive an e-mail from Customer Service at Free File Fillable Forms that either acknowledges you have successfully submitted your information, or that tells you there is a problem and how to correct it. Free File Fillable forms will use the information to automatically complete a Form 1040 and transmit it to the IRS to compute and send you a payment.
If You’ve Moved Since You Last Filed
If your address has changed, you need to notify the IRS to ensure you receive any refunds or correspondence. There are several ways to notify the IRS of an address change:
- Enter your new address on your tax return when you file
- Notify the Post Office that services your old address (This isn’t always the best method as they often don’t forward government issued checks)
- Complete Form 8822
- Write to inform the IRS that your address changed. Provide the following:
- Full name
- Old and new address
- Social security number or individual taxpayer identification number, and
- Signature
It takes up to 4-6 weeks for a change of address request to be fully processed.
Checking “Get my Payment” and receiving “Status Not Available”?
The IRS statement also notes that users may receive this message for one of the following reasons:
- The user is not eligible for a payment,
- The user was required to file a tax return and has not filed for tax year 2018 or 2019,
- The user recently filed a tax return for tax year 2018 or 2019 or provided information through “Non-Filers: Enter Payment Info Here” or
The user is a Social Security or Railroad Retirement Form 1099 recipient, Supplemental Security Income or Veterans Administration benefit recipient. “Get My Payment” does not yet have this information.
The statement also notes that if site volume gets too high, users are sent to an online “waiting room” for a brief wait until space becomes available,
Questions? Reach out to one of our tax experts or call us at (888) 388-1040.
This article was last updated 4-14-2020 at 9:30 a.m.
