As you’re probably well aware by now, an historic $2 trillion stimulus package was passed to help aid the ailing economy as a result of the impact caused by the COVID-19 pandemic. The stimulus package also granted many Americans payments with the amount dependent on your adjusted gross income on your 2019 federal tax filing for 2018 if you haven’t yet filed for 2019 [CLICK HERE TO SEE HOW MUCH YOU CAN EXPECT].
How Do I Know if I qualify?
Those who qualify include:
- US residents who have an adjusted gross income less than $99,000
- If you file as the head of a household and earn under $146,500
- If you file jointly without children and earn less than $198,000
How Will I Receive My Funds?
The form of payment depends on how you received your tax refunds in previous years.
Why Are People Who Have Direct Deposit Getting Their Checks Sooner?
By mid-April, more than 80 million Americans have received their payment via direct deposit. Those who are receiving their payments via check will have to wait a little longer because checks take longer to process.
What If I Did Not Specify a Payment Preference?
If you did not specify direct deposit on your tax return, you can download the “Get My Payment” app created by the IRS to input your direct deposit information and expedite the process. The IRS “Get my Payment” app is your best friend if you’re tracking your stimulus payment.
Also, if you used a third party to file your taxes, (i.e. TurboTax or H & R Block), the IRS may not have your direct deposit information on hand.
What If I Accidentally Gave the IRS the Wrong Account Number?
There have also been countless reports of stimulus payments getting deposited into wrong accounts or even closed accounts. If the account is no longer open, your bank should have rejected the funds’ transfer. The IRS will be notified the payment didn’t go through and you will receive a paper check instead.
What If I Didn’t File Taxes in the Past Few Years?
If you didn’t file in 2018 or 2019 you won’t receive a payment. Fortunately, if this your case, you can utilize this page for nonfilers and receive a stimulus payment. Nonfilers include those, “Whose gross income did not exceed $12,200 ($24,400 for married couples) for 2019 or were not otherwise required to file a federal income tax return for 2019, and didn’t plan to,” according to the IRS’ official website.
Please make sure that the information on hand is up to date so you can claim your stimulus payment during this troubling time.
Written by James Fleet, Member Relationship Specialist, Signal Financial FCU