(Updated: 02-Apr-2020 and edited by Neighbor to Neighbor in the Nenes for brevity and clarity)
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.
Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. . . . Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. . . .
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 will the IRS know where to send my payment?
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.
For those using the IRS portal: do not give banking information to strangers who offer to put that information into the IRS system.
Here are clues that you're being swindled
- The caller or emailer uses the words “stimulus check” or “stimulus payment.” The term that government officials are using is “economic-impact payment.
- You're asked to sign your check over to the caller.
- You receive an email, text or social media message saying that you need to verify your personal and/or banking information to speed up your stimulus payment.
- The individual offers to get you your payment faster.You receive a fake check, and then the sender tells you to call a number to verify your personal information in order to cash it.
Where can I get more information on the payments?
The IRS will post all key information on www.irs.gov/coronavirus as soon as it becomes available.
AARP has TeleTown Halls on Thursdays from 1-2:30 pm where government officials answer questions about stimulus payments and other coronavirus-related questions. Call toll free 855-274-9507 to join and ask questions.