When will stimulus checks be direct deposited or mailed?
The coronavirus stimulus checks—part of the $2.2 trillion CARES Act signed by President Trump last month— will start to go out next week for those who meet the requirements and have direct deposit set up with the IRS. Paper checks for people without direct deposit would start going out early next month. The direct payments are meant to provide Americans with financial aid during what’s been an abrupt, yet severe, economic downturn due to the coronavirus pandemic.
The Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.
Millions of taxpayers could receive their payments as soon as mid-April, according to government officials. Here’s how to make sure you receive yours as quickly as possible.
Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
How will I receive my stimulus check? First in line will be Americans who have their direct deposit bank account information on file with the Internal Revenue Service. These individuals don’t have to take any additional action; the money will be automatically deposited into their accounts.
If you haven’t yet filed income taxes for 2019, no worries—the government will simply use information from your 2018 filing to calculate how much money you’re eligible to receive. (In such cases, the IRS will revise your payment in the future should a reduction in one’s 2019 income call for a larger payment).
How will the IRS know where to send my payment? The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
The IRS does not have my direct deposit information. What can I do? In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
I am not typically required to file a tax return. Can I still receive my payment? Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.
I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment? Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
What if I owe outstanding income taxes or have yet to file my 2018 income tax return? You’re still eligible for a stimulus check from the government. The IRS urges anyone with tax filing obligations to file as soon as possible in order to receive the payment they’re entitled to.
I need to file a tax return. How long are the economic impact payments available? For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
What happens if I get Social Security? Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.
“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said U.S. Treasure Secretary Steven T. Mnuchin.
For Social Security beneficiaries and retirees—many of whom have little-to-no income and aren’t required to file taxes—the IRS will pull those individuals’ tax information from the Social Security Administration to ensure they receive the requisite payment.
The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
The IRS plans to have a “Get My Payment” portal operational on their website by April 17. See if you are eligible for an Economic Impact Payment.
Filers: Get Your Payment will use the "Get My Payment" application (coming mid-April) to:
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
Non-Filers: If you don’t file taxes, use the "Non-Filers: Enter Your Payment Info Here" application to provide simple information so you can get your payment.
You should use this application if:
You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income. Or
You weren’t required to file a 2018 or 2019 federal income tax return for other reasons
If you receive these benefits, we already have your information and you will receive $1,200. Do not use this application if you receive:
- Social Security retirement, disability (SSDI), or survivor benefits
- Railroad Retirement and Survivor Benefits
Special note: People in these groups who have qualifying children under age 17 can use this application to claim the $500 payment per child.
Where can I get more information? The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus.
Facts provided by IRS.gov. and U.S.Treasure Department.