How To Get Your Coronavirus Stimulus Check Faster!
If you don’t provide direct deposit information or don’t have a bank account, the IRS will send you a paper stimulus check.
Are you waiting for your Stimulus check?
Here’s a few things you should know.
Government Stimulus Checks
To date the IRS has already sent millions of Americans their stimulus checks, also known as an Economic Impact Payment
The first wave of stimulus checks – which Treasury Secretary Steven Mnuchin estimates were sent to 80 million people – should arrive by today through direct deposit for those taxpayers who provided their banking information on their 2018 or 2019 federal tax return.
Well, what if you didn’t provide your banking information on your tax return? The good news is the IRS created a new online portal called Get My Payment, which enables you to check the status of your stimulus check, track your payment and enter your direct deposit information to get your stimulus check faster.
When you visit the IRS website, you’ll be asked personal information such as your Social Security number, date of birth and mailing address.
Should I use the Get My Payment service ?
Here are some of the reasons you should use the Get My Payment tool:
- You want your stimulus check sooner.
- You didn’t provide your banking information on your 2018 or 2019 federal tax return and want to receive your stimulus check through direct deposit (rather than a paper check).
- You want to check the status of your stimulus check and track your payment.
- You moved since filing your 2018 or 2019 federal tax return and want to update your mailing address.
How do I know if I’ll be getting a stimulus check?
Look at this list and if one of these defines who you are, you’ll recieve a check:
- You are a U.S. citizen or permanent resident who filed federal income taxes for 2018 or 2019 if you meet the income thresholds;
- You receive Social Security retirement, disability (SSDI), or survivor benefits; or
- You receive Railroad Retirement benefits.
What do I need to do to get a stimulus check?
If you fit the criteria above, then you don’t need to do anything else to get a stimulus check. You will get a stimulus check automatically distributed by the government either by direct deposit or check. If you didn’t provide your direct deposit information on your 2018 or 2019 federal tax return, then you can use the Get My Payment tool to enter your banking information to get your stimulus check faster.
What are the income do I need to get a stimulus check?
If your income is larger than the amounts below, you won’t be receiving a stimulus check:
- Single Filer: $99,000
- Joint Filer (no children): $198,000
Now, the good news. If your adjusted gross income is lower than these numbers, you can qualify for a stimulus check of $1,200:
- Single Filer: $75,000
- Head of Household: $112,500
- Married/Joint Filer: $150,000
How much money will I get?
If your adjusted gross income is less than these numbers, your stimulus check amount will be:
- Individuals: $1,200
- Married Couples: $2,400
- Dependent Children: $500 (must be younger than 17-years-old)
Does everyone get a $1,200 stimulus check?
No. If you qualify for a stimulus check, your stimulus check may be less than $1,200 because if you have higher adjusted gross income, the amount of your check can be lower due to the phase out.
Here’s what happens: the stimulus check amount phases out by $5 for every $100 above certain income levels based on your tax filing status. This means your stimulus check will get reduced by $5 for every $100 more in adjusted gross income that you have above $75,000 (individual/single filer), $112,500 (head of household) and $150,000 (married/joint filer) up to the maximum income threshold.
When will my stimulus check arrive?
If you don’t provide direct deposit information or don’t have a bank account, the IRS will send you a paper stimulus check. The IRS will start sending paper stimulus checks beginning April 24. Each week, the IRS plans to send approximately 5 million paper stimulus checks, starting with taxpayers with the lowest adjusted gross income. If that schedule holds, paper checks could take several months between May and September (depending on your adjusted gross income) to arrive.