With the passage of the CARES Act comes an Economic Impact Payment for all individuals. These payments, also referred to as stimulus payments or recovery rebates, are automatic for most taxpayers. However, seniors, retirees and other eligible individuals who do not typically file tax returns may need to do a little extra.
Here’s what you need to do to ensure you get your payment.
If You File Federal Income Taxes
This payment will come to you automatically. Though, there are still some steps you can take to make sure your payment gets to you as soon as possible.
The IRS Economic Impact Payment web page allows you to check your payment status and confirm your payment type—either printed check or direct deposit.
If you previously received a tax refund via direct deposit, this recovery rebate will default to direct deposit and the IRS will use the banking information they have on file. If you have not received a refund through direct deposit but would now like to, or if you opened up a new account and would like these funds directed there, then you can add or update your bank information in the “Filers: Get Your Payment” section of the new IRS page.
If you choose to receive your payment via printed check, the IRS will send this check to the address they have on file from your most recent tax return. You can use the new site to update your mailing address if you moved since you last filed your taxes.
If You Do Not File Federal Income Taxes
Non-tax filers should visit this IRS site immediately. Here, you can access an application that allows you to input some simple information to ensure you get your Economic Impact Payment.
Use this application if you:
- Did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples)—this includes people who had no income
- Weren’t required to file a 2018 or 2019 federal income tax return for other reasons
If you receive Social Security retirement, disability (SSDI) or survivor benefits or Railroad Retirement and survivor benefits, you do not need to complete this application because the IRS already has your information and will send you your recovery payment.
If you do not file taxes and have qualifying children under age 17, you can use this application to claim the $500 payment per child.
If You Have More Questions
Read our recent blog post to get a rundown on what the Economic Impact Payment is and see how much you can expect to receive.
If you have additional questions regarding your payment, please visit the IRS Economic Impact Payment Information Center or talk to your financial advisor today.
CFP®, CPA, Series 7 Securities Registration,1Series 66 Advisory Registration,† Insurance License Brian diligently advises clients on income, gift, trust and estate tax issues while leveraging the expertise of the Roundtable to deliver comprehensive, customized strategies. For more than 10 years he has helped numerous clients develop and implement sophisticated financial, tax and estate strategies that are in alignment with their goals and values. Brian is a...Read More