Economic Impact Payment: Get Your Stimulus Check Quickly
As jobless claims continue to skyrocket, millions of Americans are facing a As a result of the CARES Act, the Federal government is providing Economic Impact Payments directly to individuals, families, and retirees to reduce their financial burden. In order to qualify, you will need to have a valid social security number, not be claimed as a dependent of another taxpayer, and meet certain gross income limits.
According to the Trump administration, the stimulus checks will start to be delivered on April 15th. However, the timing of your payment depends on your income and if you have a direct deposit account with the IRS. Here is everything you need to know about Economic Impact Payment.
Two Ways to Receive an Economic Impact Payment
There are two ways your stimulus check will be delivered. Payments will come in the form of a direct deposit to your bank account or a paper check in the mail.
Many, if not most Americans, will receive their payment via direct deposit. If you provided your banking information on your 2018 or 2019 returns, you can expect your payment electronically.
Also, if you currently receive Social Security retirement, disability, or survivor benefits via direct deposit, you can expect your payment to be sent automatically to your bank account. In addition, those that receive railroad retirement benefits will receive the payment through direct deposit.
Mailed Payment Checks
If you typically receive your tax refund or Social Security check through the mail, you can expect to receive your Economic Income Payment in the mail. This holds true if the IRS does not have your banking information in their system.
When to Expect Your Economic Impact Payment
If you have direct deposit, you may have already received your payment. If you’re receiving a check by mail, the IRS can only produce a certain number of checks per day. Therefore, your payment could take time. According to the IRS, they are prioritizing the checks according to reported income. Those that earn less will be prioritized first. This will cause many payments to be delayed into May or beyond.
The good news is that there is something that you can do to speed up the process. If you have not filed your return for 2019, you should file as soon as possible and enter your banking information for your return.
If you’re a non-filer, the IRS created an online portal where you can provide your banking information to receive your check electronically. You will need to provide some basic information including your banking information, your Social Security number and other identifying information. The IRS uses a third party company to gather this information. The company is Free Fillable Forms and is a trusted IRS partner so you should not be concerned about providing your information on the site.
Beware of Economic Impact Payment Scams
The IRS has also seen an upswing in scams that target seniors regarding these payments. Scammers may do things like asking you to sign over your check to them or suggest they can get your payment sooner by working on your behalf.
The IRS is not contacting taxpayers via phone. If you receive a call about your payment, you should be wary to provide information. Also, beware of social media posts that offer to assist you with your Economic Income Payment.
Check the Status of Your Payment
80% of all taxpayers are currently set up to receive their payment electronically because the IRS already has their banking information on file. For the majority of Americans, you do not need to do anything to get a payment if you qualify for one. The IRS has established a site for checking on the status of your payment called Get My Payment.
If you do not utilize direct deposit for your tax return or Social Security payments, you should be prepared to wait for a paper check. However, if you want to receive it faster, use the IRS web portal to provide your banking information.