Updated April 22, 2020
So who, exactly, is eligible, how much can they expect to receive and when will they receive a stimulus payment? We break it all down below including many difficult to find answers.
IRS Get My Payment App: Check Your Payment Status
Use the official IRS “Get My Payment” application to check your economic impact payment status.
- 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
“People who don’t have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible,” said IRS Commissioner Chuck Rettig.
There are 4 possible Responses:
- A payment has been processed, a payment date is available, and payment is to be sent either by direct deposit or mail.
- You are eligible, but a payment has not been processed and a payment date is not available.
- Need More Information
- Payment Status Not Available
How to Update Your Bank Account or Mailing Address
If the IRS doesn’t have your direct deposit information from your 2018 or 2019 return AND they haven’t yet sent your payment, Use the official IRS “Get My Payment application to let us know where to send your direct deposit.
How to Get a Stimulus Payment for IRS Non-Tax Filers
If you don’t file taxes, use the official IRS “Non-Filers: Enter Your Payment Info Here” app and complete the non-filers form.
When Will Stimulus Checks Arrive in the Mail?
Economic Impact Payments will begin to be mailed the week of May 4th.
First Wave of Stimulus Checks
More than 80 million people started receiving of stimulus checks on April 11 and The first wave consisted of qualifying Americans who filed 2018 or 2019 tax returns and included their direct deposit information to the IRS.
Second Wave of Stimulus Checks
The second wave of payments will be made to social security beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit. (The estimates are that nearly 99 percent of SS beneficiaries who do not file a return receive their SS benefits through direct deposit.)
Third Wave of Stimulus Checks
The IRS began mailing paper checks the week of April 20 to the individuals with the lowest Adjusted Gross Income (AGI). The paper checks will be issued at a rate of about 5 million per week, which is expect to take until the end of week, September 11. Individuals with the highest AGI will receive their paper checks last.
In What Order are Stimulus Checks Distributed?
The checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.
When will I get my stimulus money?
When you actually get your money can vary.
Stimulus Checks: Who Gets Them?
Americans listed below will receive stimulus payments as long their Adjusted Gross Income (AGI) does not exceed the threshold. Below is who gets a rebate check assuming AGI is not a disqualifier.
Who is Eligible?
- VA Benefit Recipients (Disabled Veterans, Pension, & Survivor Benefits)
- Active Duty Military
- Social Security (SS) Recipients & Social Security Disability Insurance (SSDI)
- Supplemental Security Income (SSI) Recipients
- Railroad Retirement Beneficiaries
- No 2018 or 2019 Tax Returns Filed: File for free with an IRS Tax File Partner. See non-filer instructions below.
- Zero Income Individuals
- Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
- Were not otherwise required to file a federal income tax return for 2019, and didn’t plan to
- Official IRS Non-Filers app
- College Students: Students not considered a dependent of their parents qualify e.g. a full-time college student under the age of 24 is considered a dependent if their parent(s) provide more than half of their support.
- Babies/Newborns born in 2019: Parents of 2020 babies will have to wait to file 2020 tax returns for the $500 credit.
- Americans Living Abroad
- U.S. territories (American Samoa, Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands)
- Unemployed/Layoff/Furlough (Temporary Layoff)
- Past Due Debt to a State or Federal Agency
Who is Not Eligible?
- Delinquent Child Support Payments: Past due child support payments that the states have reported to the Treasury Department will be offset.
- Dependents: You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return.
- No SSN: You do not have a valid Social Security number.
- Nonresident Aliens
- You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.
Recovery Rebate Amounts
- A maximum $1,200 for individual tax filers;
- Up to $2,400 for couples who make up to $75,000;
- Those who earn above $99,000 are not eligible for the stimulus (see below);
- An additional $500 per each child
- $75,000 in adjusted gross income for singles.
- $112,500 for heads of household.
- $150,000 for married couples (when couples file joint tax returns).
- Payment is reduced by five percent or $5 of every dollar above that mark, or $50 for every $1,000 above $75,000.
- Completely phase out at $99,000 for singles and $198,000 for couples (with no children).
Use the TurboTax Stimulus Check Calculator to see your payment amount.
How Many Stimulus Checks Will I Get?
You’ll get just one stimulus check payment.
Get My Payment App: What does “Payment Status Not Available” Mean?
Some users have reported the following message when checking their payment status:
“Payment Status Not Available
According to information that we have on file, we cannot determine your eligibility for a payment at this time.“
One reason for this is you didn’t file either a 2018 or 2019 tax return, or you recently filed and the return has not been fully processed. However, some have reported this message despite having filed a 2018 or 2019 tax return.
Get My Payment App: What does “Need More Information” Mean?
You are eligible for a payment, but the IRS does not have your direct deposit information. You will be given the opportunity to provide your bank information once you have properly verified your identity. Direct Deposit is the fastest way to get your EIP.
How will I know when the stimulus money is coming?
The are several ways to monitor when your stimulus money will arrive:
- Check the IRS “Get My Payment” portal
- Monitor your back account via online or a mobile banking app
- Setup deposit alerts
- Follow the timing guidelines the IRS has announced for your specific situation (see above)
USAA, Navy Federal Credit Union, Wells Fargo and other banks will be unable to provide any additional information on timing.
Will the IRS send a letter?
Yes ,the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid.
Does Active Duty Military Receive a Stimulus Payment?
Active Duty military will receive a stimulus payment as long their Adjusted Gross Income (AGI) does not exceed the AGI thresholds. The includes all service branches: Army, Marine Corps, Navy, Air Force, Coast Guard, Space Force, Army Reserve, Marine Corps Reserve, Navy Reserve, Air Force Reserve, Coast Guard Reserve, Air National Guard, Army National Guard.
Do Military Spouses With No Social Security Number Receive Stimulus Payments?
Yes! If you’re a member of the military and file a married tax return. Your spouse isn’t required to have a SSN for you to get the stimulus payment.
Do Veterans Get Stimulus Checks?
Veterans will receive stimulus payments as long their Adjusted Gross Income (AGI) does not exceed the AGI thresholds.
Do Disabled Veterans Get Stimulus Checks?
Department of Veterans Affairs benefit recipients (Disabled Veterans, Pension, & Survivor Benefits) who rely soley on government benefits (e.g. VA disability payments) qualify for stimulus checks. No extra step is required for VA Benefits recipients.
Will Disabled Veterans Receive Payments by Direct Express?
VA Benefits recipients will receive Direct Express payments if that is how their payments are setup with the VA.
About Direct Express: It is the Treasury recommended debit card. When you sign up to receive your Social Security, Supplemental Security Income, VA or other federal benefits via the Direct Express card, your money will be automatically deposited to your Direct Express card account on your payment date.
Will Receiving the Economic Payment Affect My VA Benefits? Other Government Benefits?
No, it will not affect your benefits. Recovery Rebates will not be counted as income for the purposes of determining eligibility for means-tested public benefits programs such as VA Disability Pay, Survivors’ benefits, Family Subsistence Supplemental Allowance (FSSA), Medicaid, Reach Up, Temporary Assistance for Needy Families (TANF), or the Supplemental Nutrition Assistance Program (SNAP or food stamps).
Will My Bank Take My Stimulus Payment to Cover My Debt?
The policy varies by bank and you’ll have to check with your bank. For instance, Military Friendly Bank USAA has paused the collection of a negative account balance existing at the time their stimulus payment was deposited for 90 days.
Will There Be A Second Stimulus Check?
A second stimulus check has been discussed and so has a monthly stimulus. President Trump, Nancy Pelosi and many other politicians have stated on numerous ocasions that more would probably need to be done.
“The appetite is there,” said Sen. Marco Rubio, R-Fla on CNBC. “I think everyone I’ve talked to recognizes we’re going to have to go back and do more, and probably more than once.”
When is The Next Wave of Stimulus Payments?
As noted above this is currently being discussed by members of Congress and the President. There are several options being proposed but until a new economic recovery bill is passed there is no timeline.
Here are a few proposed bills:
- The Emergency Money for the People Act: Would provide a $2,000 monthly payment to every qualifying American over the age of 16 for up to 12 months.
- Rent and Mortgage Cancellation Act: Would call for a nationwide cancellation of rents and home mortgage payments through the duration of the coronavirus pandemic, or up to one year.
- Getting America Back to Work Act: Would provide a payroll tax rebate that covers 80% of payroll expenses, enabling businesses to more easily hire and retain employees.
- Heroes Fund: A $25,000 premium pay increase for essential workers plus a $15,000 essential worker recruitment incentive to attract and secure workforce needed to fight public health crisis.
Do Parents of Adopted Children with No SSN Get a Child Tax Credit?
If an Adopted child under the age of 17 has an “adoption taxpayer identification number” (ATIN) they can be claimed for the purpose or receiving the $500 per child payment.
Do SSI Recipients Receive Payments Automatically?
Yes, SSI recipients will receive their payment automatically. The payments will be sent same way you typically receive your benefit payments e.g. via direct deposit, a Direct Express debit card or check in the mail.
I don’t have a social security number, but I have qualifying dependent children who have social security numbers. Will my child receive the $500 payment?
No. If you did not file a tax return in 2018 or 2019 using a valid social security number, then your children will not receive a payment, even if they would otherwise qualify.
I have a SSN and filed a qualifying tax return, but my dependent child does not have a SSN. Will my child receive the $500 payment?
No, children claimed as dependents for the $500 rebate must also have valid SSNs.
Is This Payment Taxable?
The Payment NOT taxable and will not affect your 2020 refund.
How can I get my money faster?
Provide your direct deposit information if you haven’t already via the IRS Portal Get My Payment. Paper checks will be sent out later and will be done in batches which will take months.
Will President Trumps Name be on the Stimulus Checks
According to the Washington Post Donald Trump’s name will be on the checks that are mailed out.
Can I get my stimulus money deposited into a PayPal account?
Yes! PayPal announced that customers with a PayPal Cash Mastercard can receive their stimulus payment directly into their PayPal account by following a few simple steps.
Will I get my stimulus money deposited into a TurboTax debit card?
Taxpayers who use TurboTax and set up an authorized direct deposit on their TurboCard when they filed will also receive their stimulus payment on the TurboCard, according to TurboTax.
Will I get my stimulus money on my H&R Block Emerald Card?
If you received your last tax refund on your Emerald Card it will be deposited on to the same Emerald Card, according to H&R Block.
Smart Ways to Spend Your Stimulus Money
Your #stimulusdeposit will arrive as soon, here’s how to use the money wisely.
- Save for Retirement
- Pay Off Debt, Higher Interest Rates First
- Donate to a Veteran or Military Charity
- Start or Shore Up Your Emergency Fund
- Invest in a 529 College Savings Plan, Roth or Investment Account
- Support Local Businesses
- Use Military Discounts to prioritize items of need (not want)