Questions and Answers -- Economic Impact Payments (Coronavirus Stimulus Checks)

Questions and Answers -- Economic Impact Payments  (Coronavirus Stimulus Checks)

Brought to you by the Financial Empowerment Center

Update: Some stimulus payments are now being delivered through an Economic Impact Debit Card, delivered in the. There are reports of consumers discarding these cards because their envelopes are not clearly labeled and they are confusing them with scams or unsolicited credit card offers. Make sure any financial cards you get int eh mail are not your stimulus payment before discarding them. Learn more>>

Questions and Answers

Q: Why are people getting Stimulus Checks?

  • A: The U.S. government is about to send checks — or direct deposits — to most Americans to help people survive financially as much of the economy shuts down in an effort to slow the spread of the novel coronavirus. 

Q: How do I get a Stimulus Check?

  • A: If you filed a tax return in either 2018 or 2019, you will automatically receive a check by mail or in the bank account you indicated on your tax return. To check on the status of your stimulus check or to update your banking information, visit the IRS website here>>  If you did not file a tax return for either 2018 or 2019, you have until Wednesday, May 13 to submit your banking information to the IRS here to directly receive the funds in your bank account. If you do not submit your bank information before the deadline you will have to wait for check to be mailed to you. 
    • Note: All updates and changes to your banking information on file must be made by Wednesday, May 13 to receive your stimulus check directly into your bank account, otherwise your stimulus check will be mailed to you.
     

Q: How much money can I get?

  • A: Any adult who makes less than $75,000 in adjusted gross income, or married couples with joint adjusted gross income of less than $150,000, will receive $1,200 per adult. Each child under 17 adds $500. For adults earning over $75,000 and couples earning over $150,000 in income the check phases out on a sliding scale until $99,000. 

Q: How many payments will there be?

  • A: There will be one payment. 

Q: Do college students get anything?

  • A: Not if they were claimed as a dependent on the 2018 or 2019 tax return. 

Q: How do I claim my stimulus check?

  • A: You do not need to claim it. The payment will be paid directly to the account associated with your 2018 or 2019 tax return. If you receive Social Security payments you should receive your payment the same way you receive your Social Security payment. 

Q: What if I don't have a bank account for the IRS to deposit my payment into?

 

  • A: To receive a direct deposit payment you need a bank account and need to update your information on the IRS web portal by Wednesday May 13, click here for the IRS web portal>>  To open a safe and affordable bank account online, visit BankOn's website for a list of accounts with low to no fees, found here>> For more information on BankOn click here>> 

 

Q: What if my direct deposit information changed or I want to add it for the first time?

  • A: The IRS has created a web portal for tax filers to check on the status of their stimulus check & to update their deposit information, click here for the portal>> Non-filers need to complete a separate form on the IRS website first to receive their stimulus check, click here for the non-filer portal>>
    • Note: All updates and changes to your banking information on file must be made by Wednesday, May 13 to receive your stimulus check directly into your bank account, otherwise your stimulus check will be mailed to you.
     

Q: When will I get my stimulus check?

  • A: Americans will start receiving stimulus payments as early as April 9. If you do not have a direct deposit account on file with the IRS, then paper checks will be issued starting the week of May 4. Five million paper checks will be issued per week, which means it could take up to 20 weeks to get all the checks out. 

Q: If my payment does not come soon, how can I be sure that it wasn’t misdirected?

  • A: You should receive a paper notice in the mail within a few weeks after your payment has been disbursed. The notice should contain information about where the payment was made and provide you with a way to contact the IRS if the payment was incorrectly made. You can also check the status of your payment here>>

Q: Do I have to pay income taxes on the stimulus check?

  • A: No. The payment is considered a rebate so you do not have to pay taxes on it. 

Q: I am required to file my taxes but have not filed my tax return for 2018 or 2019. Can I still receive a stimulus check?

  • A: Yes. However, The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file a 2018 or 2019 return as soon as they can to receive an economic impact payment as quickly as possible. 

Q: I’m a senior citizen and/or get Social Security benefits and am not required to file a tax return. Am I eligible to receive a stimulus check?

  • A: Yes. If you have not filed taxes for 2018 or 2019 then the IRS will send the payment to recipients based on information contained in SSA-1099 Social Security benefits statements. The IRS says no extra paperwork is required from Social Security recipients. You should receive the stimulus payment the same way you receive your social security benefits. If a senior citizen or other adult was claimed as a dependent on someone else’s tax return, then they would not get a check.

Q: I have not filed my taxes for 2018 or 2019. Can I still file them and get a stimulus check?

  • A: Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. If you are not required to file taxes then you will need to complete a non-filer application for the stimulus check on the IRS website, found here>>
    • Note: All updates and changes to your banking information on file must be made by Wednesday, May 13 to receive your stimulus check directly into your bank account, otherwise your stimulus check will be mailed to you.
     

Q: I received a message about my stimulus check. Is this a scam? 

  • A: The IRS uses the US Postal Service to mail correspondence to taxpayers. The IRS will never reach out to you via phone, email, text message or social media. If you are contacted through any of these methods then it is not the IRS and is likely a scam. 

Q: How long are the economic impact payments (stimulus checks) available?

  • A: The economic impact payments (stimulus checks) will be available through 2020.
    • Note: All updates and changes to your banking information on file must be made by Wednesday, May 13 to receive your stimulus check directly into your bank account, otherwise your stimulus check will be mailed to you.
     

Q: Where can I learn more?

  • A: The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.