Stimulus checks are on the way! And the portal has finally arrived for those of you who have elderly parents or family members who don’t usually file and need to be sure the IRS has their direct deposit information.
The IRS has already started sending out economic stimulus direct deposit payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The IRS also has a timetable for getting checks to every American who is entitled to one. Unfortunately, though, not everyone will get paid right away.
In fact, it looks like some Americans won't get stimulus money until September if it has to come by check.
IRS Schedule For Mailing Paper Checks
Taxpayer Income Date Check Mailed
$0 to $10,000 April 24
$10,001 to $20,000 May 1
$20,001 to $30,000 May 8
$30,001 to $40,000 May 15
$40,001 to $50,000 May 22
$50,001 to $60,000 May 29
$60,001 to $70,000 June 5
$70,001 to $80,000 June 12
$80,001 to $90,000 June 19
$90,001 to $100,000 June 26
$100,001 to $110,000 July 3
$110,001 to $120,000 July 10
$120,001 to $130,000 July 17
$130,001 to $140,000 July 24
$140,001 to $150,000 July 31
$150,001 to $160,000 August 7
$160,001 to $170,000 August 14
$170,001 to $180,000 August 21
$180,001 to $190,000 August 28
$190,001 to $200,000 September 4
All Others September 11
The good news is, the IRS has already started issuing electronic payments through direct deposit. The IRS processed more than 80 million payments last Friday that should be available in bank accounts early this week, starting with the neediest of Americans. More payments should arrive in taxpayers' bank accounts in the next couple of weeks.
Will you get an electronic payment? It depends on whether the IRS has your bank account information. If you signed up for direct deposit of a refund on your 2018 or 2019 tax return, then the IRS has all the information it needs to pay you electronically. If you haven't filed your 2019 return yet, you still might have time to file before the IRS issues your payment. You might even get a bigger stimulus check if you file your 2019 tax return now. Check with your Fuoco Group professional to see if you could get more money by waiting to file your return depending on your current situation.
The IRS now has an online “Get My Payment” website, which permits taxpayers to check on their economic impact payment status and update their direct deposit info: https://www.irs.gov/coronavirus/get-my-payment.
More info here for non-filers and those who receive Social Security Payments: https://www.irs.gov/coronavirus/economic-impact-payments.
If you don't usually file tax returns, you can also use this portal to register bank account info and address changes, etc.: https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment
If you receive Social Security benefits and typically don't file a tax return, the IRS will use information from your Social Security benefits statement to calculate the stimulus check amount. They will also send your stimulus payment electronically if that's how you normally receive your Social Security payments.
If a direct deposit payment is rejected because the bank account information is wrong, the IRS will mail you a paper check instead. If the IRS has to send you a paper check, you won't get your payment for a while. And the higher your income, the longer it will take to get your money.
The stimulus checks are actually be advanced payments of a new tax credit added by the CARES Act. How is the COVID-19 stimulus payment calculated?
• Single filers with an AGI of $75,000 or less will receive $1,200.
• Married couples filing jointly with an AGI of $150,000 or less will receive $2,400.
• Taxpayers filing head of household with an AGI of $112,500 or less will receive $1,200.
• Taxpayers with incomes above these thresholds will have their payments reduced on a sliding scale.
• Stimulus payments phase out for single filers with an AGI of $99,000 or above, for joint filers with an AGI above $198,000, and for heads of household with an AGI above $136,500.
• Each qualifying child under age 17 will add an additional $500 to the check.
• Married couples filing jointly with an AGI of $150,000 or less will receive $2,400.
• Taxpayers filing head of household with an AGI of $112,500 or less will receive $1,200.
• Taxpayers with incomes above these thresholds will have their payments reduced on a sliding scale.
• Stimulus payments phase out for single filers with an AGI of $99,000 or above, for joint filers with an AGI above $198,000, and for heads of household with an AGI above $136,500.
• Each qualifying child under age 17 will add an additional $500 to the check.
CONTACT US: Now may be the time to file your 2019 return if you have not already. Contact your tax advisor today or send your questions to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .