Have you received your stimulus payment?
The first round of stimulus payments has resulted in deposits in many of our bank accounts. Let’s be clear about why some people received funds and some did not.
If you filed your 2018 and/or 2019 tax return, received a refund, had that refund direct deposited into the bank account you are currently using, and meet the income guidelines, chances are you received your stimulus payment.
If not, it is most likely coming…
If you are not required to file a tax return – including Social Security and Social Security Disability Insurance recipients and railroad retirees, you will not need to file a tax return to receive the economic impact payment (aka stimulus payment), and no action is needed on your part. The IRS is projecting payments for you will go out by early May.
You may need to take action:
Now, if you filed your returns for 2018 and/or 2019 but owed taxes instead of receiving a refund, you might want to go to the IRS.gov website. Use the “Get My Payment” portal to input your banking information and update your address (if needed). This expedites your stimulus payment. Even if you paid your tax liability electronically, you have not set up direct deposit with the IRS and you will need to use their site.
Moving on, if you haven’t filed a 2018 or 2019 return because your income is under the normal income limits for filing a tax return, you can use the IRS.gov site as well. Use the Non-Filers portal to get your payment. If you want to receive your payment by direct deposit, have your bank routing number and your account number ready to input.
For those who should have filed a 2018 and/or 2019 return but have not done it, FILE a return.
No Direct Deposit? Your time is coming…
Even if you don’t receive the stimulus funds by direct deposit, but you meet the qualifications to receive stimulus funds, the first round of paper checks will be mailed on April 24 according to the IRS.
A few footnotes…
Those are the basics but please note some people have had problems with the IRS portals. These sites have been overwhelmed at times, so be patient and try again.
If you receive federal benefits (like Social Security, survivor or disability benefits, Railroad Retirement benefits, Supplemental Security Income or Veterans Administration benefits) have dependent children, and were not required to file a tax return in 2018 or 2019, you many need to utilize the IRS.gov “Non-Filers” portal to ensure you get the full amount. Each qualifying child increases your stimulus money by $500.
There are more details regarding stimulus checks available online at the IRS.gov site. You can also research by entering “Coronavirus Stimulus Checks” in your search engine. There are many articles available.
If you need assistance filing your taxes, please give us a call. We are happy to help. (602-274-7770)