Beginning on April 15, 2020, the stimulus for individuals as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is set to begin. Here’s what to do and what to expect.
- How to get your payment.
- How to know if you qualify.
- How much will you get?
- How to know when it is on the way.
When and how do I get my check?
The tool to check on your payment is now live. Click here.
- If you filed taxes for 2019 or 2018 and used direct deposit, your payment will be deposited electronically.
- If you do not use direct deposit, your check will be mailed. (It is projected to take considerably longer to arrive this way.)
- If you did not file taxes, a portal is being set up to arrange to receive a check but is not available yet.
- Those receiving Social Security will have their payments calculated using their 2019 benefits statements.
- Turbo Tax has set up a registration for non-tax filers to get the IRS your mailing address and direct deposit information.
Do I qualify?
The stimulus is available to individuals with adjusted gross income of $75,000 or less and for married couples with adjusted gross income of $150,000. The IRS will refer to your last tax return. They’ll use 2018 if you’ve not yet filed for 2019. That deadline has been extended to July 15 for state and federal returns.
The payments reduce gradually for those earning more. Those with individual income greater than $99,000 or $198,000 for a married couple do not qualify.
How much will I get?
- $1,200 for each adult.
- $500 for each child 16 or younger. (There is a bill to extend the payments to include dependents older than 17 that has been introduced but not yet passed.)
How will I know when my check will come?
The IRS will be mailing notices that detail where the payment went and if it was digitally deposited or a paper check.
If you’re not already using the handy tool from USPS called Informed Delivery, this is a great time to set it up. Every piece of mail that you’re receiving is scanned as an image and you can see it first thing in the morning when you sign up. You can see it in your email or through their app or website. And it’s totally free! We love this to know if a birthday card or other exciting mail like packages are on the way.