We know – believe us! – we know that times are hard and the daily mental landscape for all of us has changed. Temporarily gone is the daily commute to and from work or school, hanging out with friends, planning for literally anything since no firm dates can be set; and ever present is the “how will I pay for this?”
The IRS has begun issuing the Economic Impact Payment in the tsunami of COVID-19. Here’s what we know:
- Individuals with adjusted gross income under $75,000 ($112,000 for head of household and $150,000 for joint filers) who are not dependents of another taxpayer are eligible for the full rebate.
- These payments are available to anyone with a Social Security Number (not an ITIN), including those who have no income, as well as those whose income comes entirely from non-taxable such as Social Security or Social security Disability Insurance.
How much will I receive?
- Each eligible adult in a household will receive $1,200, with an additional $500 for each dependent child in the household under 17
- If your adjusted gross income is over the limit, you will receive the stimulus less 5% of the difference between your adjusted gross income and the limit.
How do I get my check?
- The stimulus check is paid out automatically in the form of a check or direct deposit. The IRS will determine your adjusted gross income by looking at your 2019 tax return. If 2019 has not been filed, they will look at 2018 or your SSA-1099.
- Direct Deposit is the fastest way to get the stimulus. If, in 2018 or 2019, you had a Federal refund that was directly deposited or debited to or from your bank account, your information will be used by the IRS.
- Please note, you may have given us banking info to be used for refunds only. You need to ask yourself, “Did I give my banking information for both direct deposit and direct debit?” If the answer is no, did you owe money to the IRS? If you did, the IRS does NOT have your banking information. You will be receiving a paper check and this is going to take a few weeks to a few months. Remember, patience is a virtue.
If you are checking your payment status and the status of “Status Not Available,” there is more than one reason you may be seeing it, other than ineligibility:
- Your tax information – either your 2018 or 2019 filed return – has not been reviewed yet by the app. To be clear, your return is on record with the IRS, but the online tool – the app – has not gotten to your return yet for processing the Economic Impact Payment information. This is, more often than not, showing up for people who will be receiving a paper check instead of direct deposit.
- Recipients of Social Security benefits, railroad retirement and/or Veterans benefits that have not filed a 2018 or 2019 return and claim dependents under 17 are urged to register online by April 22nd with the IRS here.
- The stimulus is treated like other refundable tax credits and is not considered income, so it will not be taxed!
Know that we think about you, worry about you and want to help you. What we know, we pass on to you. When we receive new information, we pass it on to you. Please stay safe.