IRS Stimulus Check FAQ – The Washington Post


Q: How much money will I receive?

A: The amount of your rebate or stimulus payment is based on your adjusted gross income (AGI). Gross income is all the money you earn in a year, including wages, child support, capital gains dividends, and retirement account distributions. Your AGI is your gross income less any specific deductions or adjustments.

Here’s what to expect based on your AGI and filing status. (Not sure about your filing status? Check here.)

— Up to $75,000/single or married statement separately – $1,200

— Up to $112,500/head of household – $1,200

— Up to $150,000/married couple filing a joint return – $2,400

You will receive a reduced payment if your AGI falls between the following ranges.

— $75,000 and $99,000/single or married declaring separately

— $112,500 and $136,500/head of household

— $150,000 and $198,000/married declaring jointly

Your payment is reduced by $5 for every $100 above the $75,000/$112,500/$150,000 thresholds.

So if you are single or married and your AGI exceeds $99,000, you are not eligible for a stimulus payment. If you earn more than $136,500 and are the head of household, you are not eligible for a payment. For married individuals filing jointly, the threshold for any payout is an AGI greater than $198,000.

Q: How much will I receive for a dependent child?

A: If you qualify for a stimulus payment, you are also entitled to an additional $500 for each dependent child under age 17.

Q: What if I am not required to file a tax return, how will I receive my payment?

A: If you are not required to file a federal return because you earned less than $12,200 as an individual or $24,400 as a married couple last year, you can use the new non-filers tool to irs.gov. Non-filers can also provide direct deposit information, which will reduce the time it takes to receive their money.

For those who have already filed a 2019 return but have not provided banking information to the IRS, the best way to get your money sooner is to take advantage of the agency”Get my paymentwhich is available at irs.gov.

Q: How do I collect a stimulus payment?

A: If you filed a federal return in 2018 or have already filed your 2019 return, you won’t need to do anything. The money will be sent to you by check in the mail or by direct deposit if you have bank account information on file with the IRS. For example, if you were to receive a tax refund and you chose to deposit the money directly into a bank account, the IRS will place your stimulus money in that account.

here is a guide from the IRS to help you determine which tool to use to check the status of your payment or provide the agency with banking information.

Q: Why can’t the IRS use the same bank account information I used when I paid taxes in 2018 and 2019?

A: The Cares Act authorizes the Secretary of the Treasury to electronically deposit the stimulus payment to accounts that taxpayers had authorized for direct deposit of tax refunds beginning January 1, 2018.

The Treasury interpreted this to mean that the IRS cannot make direct deposits to bank accounts used to make electronic tax payments, even if that account information is known to the IRS, according to the spokesperson. of the IRS, Eric Smith.

This means the account information you used to pay your tax bill, or that you use for an installment plan for past taxes due, cannot be used to directly deposit your stimulus payment, Smith said. .

So if your stimulus payment hasn’t been processed and you want to receive the money by direct deposit, you’ll need to use the “Get My Payment” tool to submit your bank account information.

But be aware that many people find it difficult to access the tool. You may need to keep trying to access the feature.

Q: I tried the “Get My Payment” tool and received a message saying “Payment Status Not Available”. What should I do?

A: There are a number of reasons the tool can’t check the status of a stimulus payment, the IRS said.

  • You are not eligible for a payment.
  • Your payment is based on your status as a Social Security, Disability, Veterans, or Railroad Retirement recipient. In this case, the IRS will use your SSA or RRB Form 1099 payment information. Your payment information is not available on the Get My Payment tool.
  • You did not file a federal income tax return for 2018 or 2019.
  • You filed your 2019 return, but it hasn’t been fully processed.
  • You used the non-filers tool, but the information you entered is still being processed.
  • There was a problem verifying your identity when answering the security questions.

If you don’t fall into any of these categories, continue to check “Get My Payment”. It is possible that the system simply did not have time to process your information. Keep in mind that the IRS processes millions of stimulus payments. Information on the site is only updated once a day, so checking more than once in a 24 hour period will not yield a different result. The IRS says people who are eligible for a payment will receive it in the mail if they don’t receive it by direct deposit.

Q: I collect social security and do not file a tax return. How will I receive my money?

A: People who receive Social Security retirement, survivors, or disability benefits (Social Security Disability Insurance) or railroad retirement benefits will automatically receive the $1,200 stimulus payment if they are eligible . The IRS has announced that it has added Supplemental Security Income (SSI) recipients to this group. Automatic payments for SSI recipients will be made no later than early May, according to the agency’s statement.

Q: Can I get a stimulus payment if I live with an adult child and they claim me on their tax return?

A: If you are listed as a dependent on someone else’s tax return, you are not eligible for the $1,200.

Q: We received the $2,400 for a couple. Should we have gotten the $500 for our 17 year old?

A: No, the age limit for the additional $500 for a dependent is when the child turns 17. There is no limit on the number of dependents if they are 16 or younger on December 31, 2020.

Q: Can I get the $500 if I take care of my grandchildren?

A: If you claim grandchildren as dependents on your tax return, you are entitled to receive the additional $500 for each child under age 17. However, if you are not required to file a federal tax return, you must use the non-filers tool at irs.gov claim payment of $500 per child. You will need a valid Social Security Number or Adoption Tax ID for each dependent you want to claim for the stimulus payment.

Q: Do college-aged children get a stimulus payment?

A: To qualify for a payment, you cannot be a dependent of another taxpayer. Therefore, if you declare your student as a dependent, he is not entitled to a payment of his own.

Q: My wife and I earn too much to qualify for a stimulus payment. But can our young adult get a $1,200 payout?

A: If your adult child is still claimed as a dependent, they cannot get a stimulus payment themselves. This is also the case if you take care of a disabled adult child declared to be dependent.

Q: When can I expect to receive my payment?

A: The IRS has already started sending payments. If the IRS has direct deposit information for you because you received a refund, you will be among the first to get paid.

If you haven’t received your money in the first wave of payments, don’t worry. It happens. the first installments are automatically sent to people who filed a 2018 or 2019 federal income tax return and received a refund by direct deposit. Mailed checks, to filers who have provided no banking information to the IRS, will begin going out before the end of April.

Q: What happens if I don’t receive my payment or the amount I received is incorrect?

A: The IRS says it will send a letter to your last known address 15 days after your payment is sent. The letter will provide information on how your payment was made and a point of contact where you can report any failure to receive payment or the correct amount.

Watch out for coronavirus-related scams that may appear to be from the IRS.

Q: Will I have to pay taxes on the stimulus payment?

A: You will not owe taxes on your payment.

Q: I haven’t filed my 2019 return yet and my income would be too high to get a stimulus check. But my 2018 income would qualify me for the $1,200. Is it wrong to wait to file my 2019?

A: Technically, your 2019 return isn’t due until July 15. So if the IRS goes back to using your 2018 return, you’re entitled to $1,200, according to the IRS’ Smith.

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