KEY FACTS:
- Officially known as Economic Impact Payments (EIP) >> https://www.irs.gov/coronavirus/economic-impact-payments <<
- People who filed their 2018 & 2019 tax returns (with direct deposit info) are beginning to receive their stimulus money directly deposited to their account — no action required!
- Otherwise, you can:
- wait for your stimulus check to arrive by mail in the upcoming weeks (could take months)
- OR update your bank account or mailing address here!**
- and Check the status of your EIP here!
- The IRS has released a stimulus check tracker (similar to “Track Your Refund”) here: https://www.irs.gov/coronavirus/get-my-payment
- The IRS has an EIP FAQ page here: https://www.irs.gov/coronavirus/economic-impact-payment-information-center
- Note: If the EIP tracker is not working for you, it could be a number of reasons. See the IRS EIP FAQ page:
- Look out for a letter in the mail: “The IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid.”
**NOTE: The IRS lists contradictory information on their website. On one line, they state: “2019 Filers: We will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.” Then on another line, they say, “If we don’t have your direct deposit information from your 2018 or 2019 return – and we haven’t yet sent your payment – use the Get My Payment application to let us know where to send your direct deposit.” Unfortunately, we have no magic powers or an “in” with the IRS and have no idea if they will actually let you update your bank info or mailing address or not, but it’s worth a try!
If you haven’t been watching the news lately, you will surely be surprised to see a higher balance in your checking account!
Yes, those Stimulus Checks that everyone has been talking about (that has been all over the news) for the past month is REAL! And it is happening NOW!
A few things to keep in mind:
- This is a crazy time, and these laws are ever-evolving and changing daily. We are doing our very best to interpret this information as it comes in and share with you everything we know as soon as possible (check our website and Facebook pages daily for up-to-date information!), but we don’t have all of the answers. Please bear with us and please don’t overwhelm our phone lines. Send an e-mail with your question, and we will post it as an FAQ on our page.
- No, we don’t know why you received an odd amount, including cents, even. We have no idea how the model at the IRS works for determining the payout. Regardless, it will be reconciled when you file your 2020 tax return.
- No, we are not calculating how much you should/will receive for stimulus money. Most local news stations are posting their own version of a stimulus calculator, but please see point #2 above.
- We don’t know why the EIP Tracker is not working for you. If you filed and your AGI is within the limit (see FAQ here for amounts), you will receive your stimulus check/EIP either electronically or via a check in the mail.
- No, we do not yet know how the link on the IRS website works or how to use it to update your banking information. Please see here for more info: https://www.irs.gov/coronavirus/economic-impact-payments
- Look out for a letter in the mail: “The IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid.”
We have covered the Stimulus Checks in several posts on our website and shared across our social media: CARES Act Provision: What You Need to Know and COVID-19 Updates
Many citizens across the United States who have filed their 2018 or 2019 tax return and have banking information on file with the IRS (if you filed and opted for Direct Deposit of your refund or Direct Debit of your owed taxes) have already seen this money deposited into their accounts. So, if you see a surprise deposit in your bank account or a random check from the IRS that doesn’t match your refund: It’s real. It’s legit. It’s your stimulus money from the US Government–a little bump to help its citizens and the economy during this uncertain time.
How much money should I expect to receive? How can I get the money the fastest? Is the amount I receive based on 2018, 2019, or 2020 income???
These are all questions that we answered back in March: STRATEGY FOR GETTING THE MOST FROM THE STIMULUS CHECKS, AND THE FASTEST!
Please follow us on Facebook and check our Website for the latest information regarding COVID-19 legislation.
Thank you and stay safe!