Have you received your Stimulus Check yet?
Back on March 27th, the President signed an economic stimulus package that would offer financial assistance to millions of American households. Many of my friends and family are starting to see these stimulus checks deposited into their bank accounts, so be sure to keep an eye out!
We had our payment this morning, April 15th, which technically is “tax day”. The bank account labeled it as “IRS TREAS 310”, so this is what you want to look out for.
If you are still waiting for your Economic Impact Payment, you can now check the status online!
What do I need to do to collect my stimulus check?
For most taxpayers, you don’t have to do anything in order to get this money. Payments will be automatic with no further action needed. This includes taxpayers who filed tax returns in 2018 or 2019, individuals who receive Social Security retirement, disability (SSDI), survivor benefits, or individuals that receive Railroad Retirement benefits.
How to check on the status of your stimulus check:
- Head over to the IRS website here and then click the blue “Get My Payment” button. This page is currently experiencing high volume, therefore you may need to wait for it to load.
- You will be asked to enter your Social Security Number or Individual Tax ID Number, date of birth, street address and zip code. Remember, many scams are going around and you do not want to give out this information to just any site. Be sure that you are on the official IRS site here: https://www.irs.gov/coronavirus/economic-impact-payments
- After you have entered the required information, you will be able to view your payment status. This includes the date your payment is scheduled to be made as well as the bank account to which it will go. Note this option will only be available to you if the IRS hasn’t sent your payment yet.
- If you do not have bank information on file with the Treasury, and your paper check has not already been sent, you should see an option where you can add your banking information for faster electronic processing.
If the IRS does not have your bank information on file, you will receive a paper check in the mail.
In a few weeks, regardless of payment method, you will also receive a letter in the mail from the IRS letting you know how your money was disbursed.
Here are some frequently asked questions about the stimulus checks:
Who is eligible to receive these payments?
Essentially any U.S. resident with a valid Social Security number is eligible. This includes 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, with no income, or those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
To find out if you’re eligible for an Economic Impact Payment, you can read more about the IRS’s eligibility guidelines here.
How much will my payment be?
Most adults will receive $1,200 as an individual or head of household; $2,400 for married filing jointly. This amount varies depending on adjusted gross income. Parents will also receive $500 for each qualifying dependent.
What if I don’t file taxes?
If you do not usually have to file a tax return, the IRS website has a new “Non-Filers” application you can submit online.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will receive payments automatically.
Remember the IRS will never call, text, email, or contact you on social media to ask for any personal or bank account information!