The Top 3 Things You Need to Know About Your Coronavirus Stimulus Payment
By Tracy L. Hirsch
Here’s important information about when the payments started, when to expect your payment, and the amount you’ll most likely receive.
While millions of Americans have received their EIP (“Economic Impact Payment”) either through direct deposit or a paper check, many still haven’t received theirs, including residents in Louisville, Kentucky.
Here are the top 3 frequently asked questions regarding the EIP stimulus checks and their answers:
1.) When did the stimulus payments start? On April 11, 2020, the IRS started depositing money into tax payers’ checking (or savings) accounts if those tax payers had their most recent federal tax refunds directly deposited into a bank account.
The IRS started mailing paper checks on April 20, 2020 for tax payers who did not have bank account information in the IRS database. The IRS has also started directly depositing payments into SSI recipients’ accounts this week.
If you meet all of the qualifications for a stimulus payment, and still haven’t received one, the CARES Act website may be able to give you answers.
2.) How much money will I receive? There are a specific set of qualifications for the CARES Act stimulus package, and those who meet those requirements will receive a stimulus payment. Here’s who qualifies and what they’ll receive:
> Unmarried/single individuals who filed tax returns for 2019, and whose adjusted gross income or 2019 is $75,000 or less, will receive $1,200. For every extra $100 of income, the stimulus payment goes down by $5, and the maximum gross income cutoff is $99,000.
> Married couple who filed tax returns for 2019 jointly, and whose adjusted gross income for 2019 is not higher than $150,000, will receive $2,400. For every extra $100 of income, the stimulus payment goes down by $5, and the maximum gross income cutoff for couples is $198,000.
> A head of household who filed tax returns for 2019, and who adjusted gross income is not more than $112,500, will receive $1,200. For every extra $100 of income, the stimulus payment goes down by $5, and the maximum gross income cutoff is $136,500.
> If you haven’t filed your tax returns for 2019, but you have young children, you’ll still receive $500 for every qualifying child under the age of 17.
> Most SSI, SSDI, Railroad Retirement benefit, and VA benefit recipients who have not filed a 2019 tax return (and who don’t plan to) will receive $1,200.
> Please note that there are exceptions to these categories, and more details can be found here.
3.) Why haven’t I received my stimulus payment yet? If you haven’t yet had any money directly deposited into your bank account or you haven’t gotten a check in the mail, there are few things you can do.
> The IRS website has a list of FAQs about receiving payments here. It also has a list of FAQs with more details about the requirements for these payments here.
If you don’t find the answer that you need, go to the next step below.
> You can go to the IRS website to check the status of your personal payment here.
> If you haven’t filed a 2019 tax return, and want to find out if you need to, click here.
We know that this is a stressful time, and waiting on your stimulus payment makes it even harder. The IRS has encouraged people to regularly check their website for the most up-to-date information.
Remember, we’re all in this together.
All the best,
Tracy L. Hirsch
Attorney-at-Law
Need a free consultation? Text or call me at (502) 435-2593!