Who will or will not receive the stimulus payment?
Who is eligible for the stimulus payment, and how much can I expect?
Taxpayers who adjusted gross income (AGI) is less than $75,000 ($150,000 married filing joint). In addition, the payment is phased out for those earning more than $75,000 and up to $99,000 for single filers and from $150,000 to $198,000 for married couples. Taxpayers can expect to receive $1,200 for individuals and $500 per child under age 17.
Do I need to file a tax return to receive the payment?
The IRS will utilize the 2019 tax return to determine eligibility; however, if the 2019 tax return has not been filed, the 2018 tax return will be used. If you were not required to file a tax return due to receiving income from Social Security, VA, or other retirement and disability benefits, the IRS will utilize Form SSA-1099 or Form RRB-1099 to generate the payment.
Do I need to apply or contact the IRS?
No. You do not need to contact the IRS in regards to the payment. The IRS will utilize your income information to determine your amount.
How and when will I receive my check?
You can expect to receive your check by direct deposit if the IRS has your banking information on file. Please note, the IRS has indicated that they will provide an online portal in the next few weeks to obtain account information for individuals to submit banking account information.
Please continue to check back here for more information.
The IRS will start mailing checks within the next two weeks. However, the IRS expects to send the money to individuals who have lower income levels first and continue with increments of $10,000 each following week. The IRS will process 5 million checks weekly and continue to process throughout the year to ensure each eligible individual receives payment.
My child is in college, will he or she receive a payment?
If your child, who attends college (over the age of 17) is claimed as a dependent on your tax return, he or she will not be able to receive the payment. However, if your child files as an independent taxpayer, he or she will be able to receive the payment on his or her behalf.
Will I have to pay taxes on this amount?
No. This amount does not require repayment, nor will it be taxed.
If I owe child support, back student loans, and not current on my tax obligations, will I receive the payment?
If you owe back child support, your payment will be reduced or eliminated. However, if you owe back student loans and other back tax obligations, your amount will not be reduced.
Here is something else to note – if you have a current garnishment as a result of owing student loans, please contact your employer. The U.S. Department of Education is suspending these payments at this time, and you may be able to receive a refund of a recent garnished amount.
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