The IRS has provided further information about the stimulus payments that they plan to distribute in the next few weeks. If you used direct deposit to get your tax refund in 2018 or 2019, the IRS will direct deposit your stimulus check into that account. Hooray for all those that took advantage of this. But not to worry, the IRS is working on a portal for those that need to send their account info.
Here’s what you need to know:
Where Can You Find Out The Status Of Your Payment?
The IRS will be launching a tool here called “Get My Payment” on April 15, which will give you the status of your payment and allow you to update your information if necessary.
How Much Are You Going to Receive?
This will depend on how you filed your taxes in 2019. If you haven’t filed your taxes yet, the amount will be based on your 2018 filing. Note that the tax deadline has also changed this year to July 15, 2020. Additionally, your payment will vary depending on how many qualifying children you have.
Did You File Jointly?
If you filed your taxes jointly in either 2018 or 2019 and your AGI is up to $150,000, you will receive $2,400. If your AGI is from $150,000 up to $198,000, your payment amount will be reduced by $5 for every $100 above the $150,000 threshold. If you have kids, you will receive up to $500 for each qualifying child (dependent aged sixteen or younger). If you have no children and have an AGI that exceeds $198,000 jointly, you are not eligible to receive this stimulus.
Did You File Independently?
If you filed your taxes individually in either 2018 or 2019 and have an adjusted gross income (AGI) up to $75,000, you will receive $1,200. If your AGI is from $75,000 up to $99,000, the payment amount is reduced by $5 for every $100 above the $75,000 threshold. If you have kids, you will receive up to $500 for each qualifying child (dependent aged sixteen or younger). If you have no children and have an AGI that exceeds $99,000, you are not eligible to receive this stimulus.
How Will You Get Your Payment?
If you used direct deposit to get your tax refund in 2018 or 2019, the IRS will direct deposit your stimulus check into that account. If you did not use direct deposit in 2018 or 2019, the IRS has developed this portal for you to give them your bank information. If you did not use direct deposit for your 2018 or 2019 tax return and don’t input your information, you will receive a check in the mail.
When Will You Get Your Payment?
Direct deposits are set to begin on April 9. According to a Treasury official fifty to seventy million people will get their direct deposit before April 15. You can check for pending deposits in the mobile app. Learn how to do that here.
Those who choose to receive their Economic Impact Payment by physical check will have to wait. Those checks will start being disbursed on April 24 and will begin being processed for people with lower incomes first. Those checks will be coming over the next few months.
What If You’re Not Required to File a Tax Return?
Social Security recipients, senior citizens, and railroad retirees do not need to do anything to receive their Economic Impact Payment. Each person who falls into one of these brackets will receive $1,200. The IRS will use Form SSA-1099 or Form RRB-1099 to determine where to send your payment.
Where Can You Find More Information?
What Do You Need to Know If You’ve Never Used Direct Deposit?
If you’ve never used direct deposit before, you’ll need to enter your bank account information in the direct deposit portal the IRS has launched. Then you’ll need to know some information about your credit union account, specifically the routing and account numbers associated with the account you’d like to receive the deposit into. Our routing number is 283978467. Get your account number from the bottom of your checks or call and speak to an experience officer at (833.4.EXPREE), option 2.
If you do get a check from the IRS in the mail, you can deposit it through the mobile app without coming in to a branch.