Relief for millions of Americans is on the horizon as the IRS have already started depositing stimulus checks, known as "Economic Impact Payments", into taxpayers’ accounts this week. They are sending out $1,200 to single (“S”) taxpayers with an adjusted gross income (“AGI”) below $75,000 and $2,400 to married couples filing jointly (“MFJ”) who earn less than $150,000. Taxpayers can receive an additional $500 per qualifying child if they meet the income thresholds. The payment amount will be reduced by $5 for every $100 above the $75,000 (S)/$150,000 (MFJ) AGI thresholds. Taxpayers with income above these thresholds are not eligible for the stimulus checks.
If you filed your return in 2018 or 2019 and the IRS has your bank account information on file, you will receive your stimulus check via direct deposit. If the IRS doesn't have it on file, please go to this website now to provide your direct deposit information. If you have not filed your taxes already, you're still eligible to receive the stimulus check as long as you meet the basic IRS requirements such as income and a valid Social Security Number.
To track the status of your stimulus check, the IRS has already launched a tracking tool starting today called "Get My Payment." This tool will give you an idea of when to expect your direct deposit or check in the mail.
If you are a Social Security Recipient who has filed a return and the IRS has your account information, then you should be in the first wave to receive the stimulus check. Otherwise, you will be in the second wave. If you have not provided the IRS with your direct deposit information, you will receive the payment via paper check, which may take up to 20 weeks to arrive in your mail.
If you have any questions or concerns about the stimulus checks, please contact us today!