The ‘CARES Act’ created a stimulus check for many Americans and the IRS is calling them “Economic Impact Payments.”
The CARES Act directs the IRS to use your 2019 tax return to determine how much you get and how to send the money. If you didn’t file a 2019 tax return yet, they can use your 2018 tax return. If you didn’t file either, they can use a Form SSA-1099 Social Security Benefit Statement or Form RRB-1099 Social Security Equivalent Benefit Statement.
Some Already Received
If you’ve been on social media, you probably have seen that a few people have already seen them appear in their bank accounts.
This is because they filed their tax returns and opted to get their refunds direct deposited. The IRS uses this information to make those payments and those with direct deposit information on file will get them first. Those without that information will have to wait for paper checks in the mail.
What if you don’t remember if you put in direct deposit information? Or whether that information is still accurate?
Fortunately, the IRS has released a tool that you can use to check the status of your stimulus check.
This will only work if you filed a 2018 or 2019 tax return and you will need to know:
- Your Social Security Number
- Your Date of Birth
- Your Street Address
- Your ZIP or Postal Code
If you moved, you want to use the information from your most recent tax return. If you filed a 2019 tax return, use that information. If you didn’t file a 2019 tax return yet, use the information from your 2018 tax return.
You can also use this tool to update your information.
If you wish to have it direct deposited, and your information is incorrect, you can use the Get My Payment application to update your direct deposit information. If you moved, you will have to use another method which may include informing the U.S. Postal Service of a change of address.
It’s unclear if the status tool is accurate if you were not required to file a tax return for 2018 or 2019. If that describes your situation, your best next step is to use the IRS website to enter your payment information for non-filers. This will ensure you get your stimulus check as quickly as possible.
Not everyone is eligible for a stimulus check. If you are a single filer that earns more than $75,000 then your $1,200 payment will be reduced by 5% of the amount over $75,000. If you make more than $99,000 then you won’t be eligible for a check.
Joint filers will get $2,400 if they earn less than $150,000 and that amount drops to zero if they earn more than $198,000. You get an additional $500 for each dependent child, which is also subject to the same 5% reduction rule.
The IRS has the information to calculate an accurate amount and the tool will be able to tell whether you are eligible and includes a payment date once they have it.