WASHINGTON, D.C – Most Americans will soon receive $1,200 COVID-19 stimulus checks for each adult and $500 per child deposited from the Internal Revenue Service that will be distributed automatically, with no action required.
Treasury Secretary Steven Mnunchin announced that the first round of stimulus payments would go out next week to people who have already provided the IRS with their direct deposit information on their 2019 or 2018 tax returns.
The Washington Post reported that the IRS will begin issuing millions of stimulus payments on Thursday, April 9 to people who had a tax refund direct deposited for the 2018 or 2019 tax years (about 60 million people).
Those people can expect a coronavirus stimulus check deposit date between April 9 and April 24, 2020.
Social Security recipients will receive their economic impact payments automatically without the need to file a tax return. Those stimulus check deposits will occur the week after the IRS distributes payments to tax filers (around the last week of April or the first week of May).
The IRS will begin issuing paper checks on April 24 to Americans who do not have their direct deposit information on file with the IRS.
Stimulus payments will be issued starting with those with the lowest Adjusted Gross Income then proceed upward.
I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment.
Taxpayers should include direct deposit banking information on the return.
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the stimulus payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate 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 the payment.
The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
Turbotax partnered with the IRS and has already created a portal where you can file your taxes or provide your direct deposit information if you are not required to file taxes in 2018 or 2019.
I am not typically required to file a tax return. Can I still receive my payment?
Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.
How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.
I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.