Helpful Information for the Economic Impact Payments

More than 80 million Americans received stimulus checks this week. If you filed your 2018 and 2019 taxes, providing the IRS with your bank account information, you may have received yours as well. Those who receive Social Security retirement and disability benefits should have automatically received their payments too.

If you typically do not file a tax return but are still eligible to receive a stimulus check, yours is still coming. However, those with direct deposits are receiving them first with physical checks not being mailed until May.

Here are some common questions about the Economic Impact Payment:

Q. How much money will you receive?
A. Individuals earning up to $75,000 will receive $1,200 with married couples earning up to $150,000 receiving $2,400. Parents will receive $500 for each under 17.

Q. You filed your taxes, but did not provide direct deposit information to the IRS, can you do it now?
A. You can add your bank direct deposit information here.

Q. Can you still file your 2018 or 2019 taxes?
A. Yes, and you can do it for free with the IRS Free File.

Q. Do you have to pay back the stimulus check?
A. The check is technically a tax credit on your 2020 taxes, so no, you will not repay the check next spring.

Q. Will you be taxed on the income?
A. No, it is not taxable income.

Q. How do I check the status of my check?
A. Go here: https://www.irs.gov/coronavirus/economic-impact-payments

For more information:
Economic Impact Payment Information Center