When will I get it? Direct deposits have started being delivered by the IRS as of last Friday 04/06. They will continue to be delivered based on many variables. One more important than others is if you filed your 2019 tax return already. For those who have not filed 2019, the IRS will be using their 2018 returns to calculate the stimulus amount and delivery method. This will delay the stimulus check and some may not be delivered until September. If neither 2018 or 2019 has been filed, you can still do so ASAP by filling them with a Tax Professional or filing them yourself directly. The IRS has also announced there will be an Online Tracking Portal where recipients will be able to track stimulus payments.
How Much Will I Receive? The amount recipients will receive is dictated by income, filing status, and the number of dependents under 16. More details below:
- Single or Married Filing Separate – filers with incomes up to $75,000 will receive $1200
- Head of Household-filers with incomes up to $112,500 will receive $1200
- Married Filing Joint – filers with incomes up to $150,000 will receive $2400
These stimulus amounts will be reduced once the recipient crosses the income threshold designated to their “Filing Status” and will be reduced to ZERO if:
- Single or Married Filing Separate – filers with incomes above $99,000
- Head of Household –filers with incomes above $136,500
- Married Filing Joint – filers with incomes above $198,000
Your payment will also increase by as much as $500 per dependent 16 years old or younger.
But I’m not required to file taxes? Those who are Non-Filers and retired recipients of Social Security, Railroad Retirement, disability, or Veterans’ Benefits are also eligible to receive the stimulus payment. The new IRS Web Portal will require some basic information to make sure you receive your payment.
The IRS also has a page completely dedicated to the Economic Impact Payments. Unfortunately, the one demographic who at the moment will not see a benefit is any dependent over 16. This means most college students and dependent parents will not get the extra bump. We hope this gets fixed but suggest your contact your representative and/or senator if this will negatively affect you or someone you know and remind them everyone matters…