Want the Skinny on Your Stimulus Check?
Here’s What You Need To Know Now

COVID-19 ECONOMIC IMPACT PAYMENT (STIMULUS) FAQ

What is the Economic Impact Payment?

The EIP stimulus check a one-time payment designed to help Americans weather the financial challenges that have accompanied the Coronavirus pandemic. A part of the CARES Act, the payment became law in late March 2020.

How much can eligible Americans expect from the Stimulus?

Up to $1,200 per single adult taxpayer (up to $75k, excess income reduces the stimulus by $5 per $100 of income up to $99k)
Up to $2,400 per married couple filing jointly (income up to $150, excess income reduction the same as for single filers is to $198k)
$500 per dependent child under 17

Who is ineligible for the Stimulus?

Any adult who is claimed on someone else’s tax return is ineligible to receive the payment. This includes dependent children age 17 or older (college students supported by parents, etc). Adult dependent children also do not qualify for the $500 payment to their parents.

How is Stimulus eligibility determined?

The IRS & Treasury Dept. will use the adjusted gross income (AGI) from your 2019 tax return to determine eligibility.

If you have not yet filed for 2019, they will automatically refer to your 2018 filing. if you were not required to file for either year, you can register for the stimulus through Turbotax here.

I’m on Social Security/disability. Am I eligible?

Yes. You will not be required to file a tax return in order to receive the stimulus.

However, if you have dependents you should register, because SS recipients will only automatically receive the $1,200 stimulus. Your dependents are not considered unless you update the IRS with the most accurate information for your household.

If my income was low, and I wasn’t required to file this year, should I file a tax return for $1 to be eligible?

No. Any tax return listing $1 (or a similar amount of income) is red flagged by the IRS for fraud. Please only file accurate tax returns reporting all income.

I owe back child support. Am I eligible for the stimulus?

You may be eligible, but your stimulus could be reduced or offset by the amount of child support you owe. Child support in arrears is one of the few offsets still in effect right now.

My student loans are in default. Will my Stimulus check be taken?

No. Since March 13th, the Department of Education has stopped all attempts to collect on past due student loan debt. If you’re eligible, you will receive a stimulus payment.

When will I receive my funds?

Date of receipt depends on a variety of factors. According to the latest White House Coronavirus Task Force press briefing, the first recipients should receive their stimulus payment late next week (sometime around April 15th). The latest anticipated date is September (please see below).

Payment Methods and Dates:

The Treasury Dept (which handles all refund payments, etc) will begin processing direct deposits during the week of April 15th. Exact availability dates will be determined by your bank’s processing time. Funds will be sent to the account number on the tax return used to determine eligibility.

Will the stimulus be deposited on a prepaid card?

No. If you used a Netspend, Green Dot, etc. card to receive your refund, a paper check will be mailed to your address on file.

This information was confirmed April 7th by SBTPG, a company issuing such cards and owned by Green Dot. Like most things, it’s subject to change.

I’m receiving my Stimulus payment by paper check. When I can expect to get it?

Paper checks will be sent via tiered release dates, based on amount of your adjusted gross income (AGI). Mailings will begin somewhere April 24th, based on the amount of income listed on the tax return.

• Filers with income of $10,000 or less will be mailed first.
• Taxpayers with $20,000 or less will be mailed in the 2nd round, and so on.

I don’t want to wait for a paper check. Can I call the IRS and change/add my bank account info?

No. The IRS is not taking taxpayer calls right now.

Is there any way I can update/add my bank account info to receive funds faster?

Not at this time. Treasury Sec. Steve Mnuchin has stated that they’re working on a web portal where taxpayers can add bank account details with the IRS.

As of April 10th, there is no launch date set. Keep an eye out for news and updates.

I used an online software to prepare my taxes. Can they update me on when I’ll receive my stimulus?

No. Online service like TaxAct, TaxSlayer, etc. will not receive any updates on the disbursement of your stimulus funds. This payment is totally separate from their work.

Need help understanding all the info being shared on stimulus? Please comment below. Stay safe out there!