Federal Stimulus Checks Update

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Check your bank accounts; you might have already received your stimulus checks. If you have not there’s no need for any action to get your check, as long as you filed your tax return for 2018 or 2019, the IRS will use the bank account on record to make a direct deposit.  But if you have not received it by now, the IRS has a new tool to check on the status of your payment. Use the IRS  “Get My Payment” website to: https://www.irs.gov/coronavirus/get-my-payment

  • Check your payment status
  • Confirm your payment type: direct deposit or check
  • Enter your bank account information for direct deposit if we don’t have your direct deposit information and we haven’t sent your payment yet

If you don’t have direct deposit, the IRS will send you a physical check.  The IRS said those will be going out next week. 

Who is Eligible:
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

  • $75,000 for individuals
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

If you do not usually file a tax return (people who make under $12,200 do not have to file) you can use the above link to enter your account information for direct deposit.  Even if you make $0 you qualify for $1,200 stimulus monies.

Social Security recipients are eligible for a stimulus check

If you’re collecting Social Security benefits of any kind — whether it’s retirement benefits, disability benefits, or Supplemental Security Income (SSI) — you are eligible to receive a stimulus check.

What about college students and young adults?

This is a big loophole in the law: Many college students and young adults will not qualify for these payments. It depends on whether your parents claimed you as a “dependent” on their most recent tax returns (whether they filed this year for 2019 or last year for 2018). If so, you will not get any money, and if you are 17 or older they won’t get $500 for you either. If your parents did not claim you as a dependent, such as young people who entered the workforce after college, you will qualify for the payments.

What about adult dependents?

This is another of the law’s major loopholes: Any adult that you claim as a dependent on your tax returns — including adult children with disabilities living at home and elderly parents — will not qualify for the payments, and you will not get any additional money on their behalf.

For more information visit: https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments