Stimulus Check Questions answered about 

Update

07/25/2020

The second stimulus package is set to released next week. (yah!)

Finally beginning to see the light at the end of the tunnel.

So here are some facts:

Demarcates are proposing,

$1,200 for each individual plus an additional $1,200 per dependent (max number of dependents are 3).

Republicans have yet to release a number.

Frequently asked questions

How do I update my direct deposit information with the IRS?


The IRS is working diligently to get a website up that will allow you to update your direct deposit information. Currently, the only way to get new bank account info to the IRS is to file your 2019 taxes if you haven't already, and provide your bank account details if you're receiving a refund. We will update this page if/when the IRS makes
any changes.




What if I filed taxes this year but I owed money?


If you had a balance due this year, the IRS will mail a paper stimulus check to the address on your 2019 return, unless you were sent a refund by direct deposit in 2018, in which case your stimulus payment will be sent to
that account.

This will not affect the amount you owe for your 2019 taxes, which is due by July 15, 2020.




What do I need to do to get my stimulus check?


The IRS will calculate and automatically send the economic impact payment to those eligible, with no action required for most people. For people who have already filed their 2019 tax returns, the IRS will use this information to calculate and distribute the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate and distribute the payment.

The IRS urges anyone who has not filed a tax return for 2018 or 2019 but is required to do so to file as soon as they can and to elect to receive their refund via direct deposit, in order to receive an economic impact payment as quickly as possible. Those who will not receive a refund are still encouraged to file their 2019 tax return to provide the most up-to-date information to the IRS, but this is not necessary if you filed a 2018 return.

If you qualify for a stimulus payment and are not required to file a tax return, and do not receive Social Security income, you can e-file your IRS registration for free at IRS.gov




What if someone else claimed me or my child as a dependent?


who'm ever claimed you or your child on their 2019 tax return will receive the stimulus check.




Am I eligiable to receive a stimulus check?


Tax filers with an adjusted gross income (AGI) up to $75,000 for individuals, $112,500 for heads of household and up to $150,000 for married couples filing joint returns will receive $1,200 per individual, plus $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 and $198,000 for joint filers with no children are not eligible. A Social Security number is required to receive a stimulus check. If you’ve been claimed as a dependent on someone else’s 2019 tax return, you aren’t eligible to receive a stimulus payment.





update my direct deposit with irs for stimulus check

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