Second Stimulus Check Possible?
Government officials are in ongoing talks over a second round of stimulus checks to be sent out to Americans. Negotiations are still in the early stages, but officials have stressed that additional stimulus measures are needed to help ease the financial strain many Americans are experiencing.
Find out if you may receive a 2nd Stimulus Check from the IRS.
For the first stimulus checks, we explain everything below on how much, if and when you may still receive an initial stimulus check.
How Much Will You Get?
Every individual who has an Adjusted Gross Income (AGI) of $75,000/year or less and couples filing jointly with an AGI of $150,000/year or less will receive a stimulus check of $1,200 per person and $500 per child aged 16 and under.
Individuals and couples filing jointly who make more than that will receive a decreased amount until being phased out entirely at $99,000 and $198,000.
Individuals who file as head of a household who have an AGI of $112,500 or less will receive a stimulus check of $1,200 per person and $500 per child aged 16 and under with the amount decreasing until being phased out at $146,500.
Low-income Americans, veterans on disability compensation, a pension, or survivor benefits from the Department of Veterans Affairs who do not normally file taxes are eligible to receive the full amount.
Social Security and Railroad Retirement recipients who do not file taxes will automatically receive their stimulus checks. No additional information is needed from them.
When Will You Receive Your Check?
One Hundred and Thirty million Americans who currently have direct deposit set up with the IRS have already received their stimulus checks.
Taxpayers who haven't used electronic payments before can receive their stimulus check electronically if they complete their 2019 taxes and enter their direct deposit information when they file.
Social Security, SSI and Veterans Affairs benefit recipients will start receiving payments beginning April 29th. However, SSI and Veterans Affairs benefits recipients who don’t file a tax return and have dependent children will need to enter their dependents information in the IRS Non-filers portal by May 5 in order to claim the $500-per-child stimulus payment.
If you choose not to enter your direct deposit information then you will have to wait longer for a paper check. Checks will be mailed by income level, beginning with the lowest-income Americans.
Making Sure You Get a Check
If you have direct deposit set up with the IRS and your contact information has not changed then there is nothing you need to do. The IRS will use the information they have on file to automatically deposit your check into your bank account.
If the IRS does not have your current address or direct deposit information then you will need to provide that information before you will receive a check. You can do that by filing your 2019 taxes and provide your updated information. Those who have already filed 2019 taxes and didn't provide direct deposit information or are not required to file Federal income taxes can enter their information in the IRS online portal to have checks deposited faster.
The IRS has set a deadline of 12 p.m. EST Wednesday, May 13, 2020 to enter your direct deposit information if you do not want to have to wait to get a check in the mail.
Taxpayers who choose not to provide direct deposit information will have to wait much longer to receive a paper check.
Haven't Received a Check?
There can be a number of reasons why you haven't received a stimulus check yet.
Taxpayers who have not added their direct deposit information to the IRS online portal can do so now. Currently you must file your 2019 taxes first before you can use the IRS online portal to update your address and banking information. It can take up to a few weeks once your return is processed before they update the portal with your current information for the stimulus check. If you already provided bank information for 2019, that account info cannot currently be changed through the portal.
Low-income Americans, veterans on disability compensation, a pension, or survivor benefits from the Department of Veterans Affairs who do not normally file taxes must enter their information in the Non-Filer tool in order to receive their full payment.
SSI or VA benefit recipients who have qualifying children under 17 and didn’t file a tax return in 2018 or 2019 must also enter their information in the Non-Filer tool in order to receive their additional $500 per dependent child.
People who choose not receive direct deposit may experience a delay in getting their stimulus check due to President Trump's desire to have his name printed on all paper checks.
Individuals who make more than $99,000 and couples who make more than $198,000 will not be receiving any stimulus check.
If you filed your 2019 taxes and made more than $99,000 or $198,000 but are now unemployed then you will not be eligible to claim the stimulus check until you file your 2020 tax returns. You will eventually receive the stimulus check, but not until early 2021.
College students and children aged 18 to 24 whose parents claim them as dependents on their tax returns are ineligible to receive a stimulus check. Parents of these children will also not receive the additional $500/dependent because the cutoff age is 17. If you are a student or adult aged 18 to 24 who feels they don't meet the legal definition of a dependent then you can file a tax return with the IRS to see if you are eligible to receive a stimulus check.
Parents behind on child support payments will either receive a reduced stimulus check or no check at all, depending on the amount of money they owe.
If you owe a debt to a bank or collection agency then they may use your stimulus check to cover the debt owed. It will be up to your specific bank or collection agency to determine whether you will receive all, part, or none of your stimulus check.
What the CARES Act Does
The CARES Act provides direct cash payments, among other things, to Americans during the coronavirus (COVID-19) pandemic. Many Americans suddenly and unexpectedly were laid off or furloughed, bringing economic uncertainty to a large portion of the population.
Two major components of the CARES Act are direct cash payments to most Americans and expanded unemployment insurance to those laid off due to the crisis. The unemployment section also covers furloughed workers and private contractors.
Other Covid-19 Recovery Benefits