BIRMINGHAM, AL (WBRC) – People who filed taxes in 2018 and 2019 and got their refund through direct deposit will be the first to receive their Economic Impact Payments, or coronavirus stimulus checks, according the Internal Revenue Service (IRS).
The IRS announced Easter weekend the first round of payments were deposited into taxpayers’ bank accounts and later this week, it will launch a tool on its website where people can track the status of their stimulus check.
“That will basically allow anyone to go on and see what is the status, when can they expect to receive that payment, is it check? Is it direct deposit? And if it is by check and you want to receive it by direct deposit, you can go online and change it at that point,” said Michael Wagner, Certified Financial Planner and CPA, The Welch Group.
Currently, the IRS website has a link for non-filers to share their information to ensure they will receive a stimulus check.
“What’s up right now is basically just for people who have not filed their tax returns. Most of the time it’s for people who have below a certain threshold, that threshold for a single person is $12,000, or a married couple is $24,000,” said Wagner. “So, if you had income below that, you didn’t have to file a tax return in 2018, 2019 so the IRS does not have your information.”
If you did not file taxes in 2018 or 2019, the IRS will need you to provide:
- Full name, current mailing address and an email address
- Date of birth and valid Social Security number
- Bank account number, type and routing number, if you have one
- Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year, if you have one
- Driver’s license or state-issued ID, if you have one
- For each qualifying child: name, Social Security number or Adoption Taxpayer Identification Number and their relationship to you or your spouse
How much will I get?
According to the IRS, eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
How do I know if I’m eligible?
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
- $75,000 for individuals
- $112,500 for head of household filers and
- $150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their AGI is between:
- $75,000 and $99,000 if their filing status was single or married filing separately
- 112,500 and $136,500 for head of household
- $150,000 and $198,000 if their filing status was married filing jointly
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
When will I get my check?
The IRS will launch the “Get Your Payment” feature in mid-April. Once it launches you will be able to:
- Check your payment status
- Confirm your payment type: direct deposit or check
- Enter your bank account information for direct deposit if we don’t have your direct deposit information and we haven’t sent your payment yet