Federal Stimulus Payments

By now, you should have received your federal government stimulus payment. These payments will be automatic for most taxpayers. Additionally, no further action is needed on your point to collect your Economic Impact Payment. The stimulus check would have been sent to you via mail, or directly deposited into your account. However, some may not have received a stimulus payment. If you filed taxes in 2018 and 2019, you should get a stimulus payment. However, there are income limits for how much and if you can get a stimulus payment. Furthermore, the IRS may not have your current banking information. We answer all of your questions about federal stimulus checks below. Whether you did get a payment and you have tax-related questions, or you didn’t receive payment, this FAQ should help.

Check the status of your federal stimulus payment at www.irs.gov/coronavirus/get-my-payment.

 

What is the Federal Stimulus Payment?

Millions of American have, or will receive their Economic Impact Payments. In other words, the Coronavirus Aid, Relief and Economic Security Act has authorized these payments. The IRS is calculating and sending the stimulus checks to eligible individuals. However, some taxpayers may need to provide additional information to the IRS in order to receive their checks.

 

Who Is Eligible for a Federal Stimulus Payment?

The IRS has several guidelines regarding who will qualify for a stimulus payment. You may be eligible for an Economic Impact Payment if you:

• Are a U.S. citizen, permanent resident or qualifying resident alien.
• Another person cannot claim you as a dependent on their tax return.
• Carry a social security number that’s valid for employment. Similarly, only one Social Security number is needed if you or your spouse were in the military. Furthermore, that military time will need to be for the taxable year.
• If you have adjusted gross income below a certain amount. Additionally, qualifying requirements are also based on your tax filing status and how many children you have.

 

How Much Will My Stimulus Check Be?

The federal government is providing all eligible individuals who make $75,000 or less with $1,200. Two eligible individuals filing a joint return will receive $2,400. Additionally, you will receive $500 for each qualifying child on your tax return. Furthermore, eligible individuals do not need a minimum income to qualify for the stimulus check. However, there are limits for higher-income individuals in regards to stimulus check amounts.

 

Stimulus Payments for High Earners

Stimulus checks are reduced by 5 percent of the amount that your adjusted gross income exceeds $75,000. For joint filers, that threshold amount is $112, 500. Additionally, for taxpayers filing as head of household, the threshold amount is $150,000. Furthermore, the economic stimulus payment will reduce to $0 once adjusted gross income reaches the following thresholds:

• $198,000 for taxpayers filing a joint return
• $136,500 for taxpayers filing as head of household
• $99,000 for all others

Additionally, each of the above threshold amounts increases by $10,000 for each additional qualifying child.

 

How do I get my Federal Stimulus Payment?

If you filed your tax returns in 2018 and 2019, no action is required. Additionally, if you filed taxes for 2019, the IRS will use that information to calculate your payment amount. However, if you have not filed for 2019, you are still eligible for a check. In other words, the IRS will use your 2018 taxes to calculate the payment amount.

 

What if I didn’t need to file tax returns for 2018 or 2019?

If you did not need to file tax returns for those years, no further action is needed. In other words, you still get the $1,200 payment. You may not have been required to file taxes if you receive:

• Social Security retirement
• SSDI
• Survivors benefits
• SSI
• Railroad Retirement benefits

Furthermore, you do not need to contact the IRS for your payment. They will use the information from your 2019 benefits to generate your payment. Additionally, you’ll receive your payment as a direct deposit or by mail. You should receive the payment the same way you receive your federal benefit payments.

 

What if I didn’t file tax returns for 2018 and 2019 and needed to?

If you did not file taxes for 2018 or 2019, contact Platinum Tax Defenders ASAP for help filing. Taxpayers who did not file taxes for 2018 or 2019 can use the IRS’ Non-Filers online tool. However, the most immediate way to get your payment is to file taxes. Not filing taxes could affect your ability to receive a federal stimulus payment.

 

What if I don’t make enough to file taxes?

On April 10, the IRS released a notice with instructions for people whose gross income was less than $12,200. Individuals who did not need to file a federal income tax return can use the Non-Filers: Enter Payment Info portion of the IRS website. In other words, you can provide the necessary information to the IRS easily and quickly for no fee. Furthermore, the IRS will use this information to determine your eligibility and payment.

 

What information will I need to provide the IRS?

When using the Non-Filers: Enter Payment portion, you should prepare to send the IRS the following:

• Your full name, mailing address and email address.
• Date of birth and a valid Social Security number.
• Your bank account and routing number (if applicable).
• An IRS Identity Protection Personal Identification Number (if applicable)
• Your driver’s license or state-issued ID (if applicable).

Additionally, you should prepare the following information for each qualifying child:

• Full name
• Social Security Number
• Adoption Taxpayer Identification Number (if applicable)

 

What if my recent income makes me ineligible, but my current income doesn’t?

In this situation, you may benefit once you file your taxes in 2020. For that reason, it’s important to file your most recent taxes as soon as possible. The stimulus check is technically an advance on a tax credit that’s available for the whole year.

 

What if my bank changed?

You can update your banking information on the IRS’ website. However, be prepared for longer wait times because of high demand. In other words, keep trying, and try late at night or in the early morning.

 

When will my stimulus check arrive?

Stimulus payments have already started showing up in bank accounts. Treasure Secretary Steven Mnuchin said most people should have received their payment by April 17. However, the government is producing and distributing physical checks in batches. Therefore, individuals waiting for physical checks should expect a longer wait.

 

Will I get a stimulus check if I’m unemployed?

Yes, unemployed individuals are still eligible for stimulus checks.

 

What if I don’t receive my payment?

During the week of April 13, the IRS released an online tool allowing you to track your payment status. You should receive a paper notice in the mail confirming your payment was disbursed. Additionally, that notice will contain information about where the payment was sent and how it was made. However, if you can’t locate it at that point, you can contact the IRS. Furthermore, contact the IRS using the information that’s listed on the notice.

 

Do I have to pay income taxes on my stimulus check?

The federal stimulus check is technically a tax credit. Therefore, you do not have to pay taxes on the money given to you.

 

Will my stimulus check be garnished for debt?

Your stimulus payment will not be garnished for to repay debts. Furthermore, this bill temporarily suspends almost any effort to garnish tax refunds to pay debts.

 

If you have any further questions regarding your Economic Impact Payment, call Platinum Tax Defenders. We can be reached at 866-866-8053. Alternatively, you can find us at www.platinumtaxdefenders.com. You can also check the status of your federal stimulus payment at www.irs.gov/coronavirus/get-my-payment.