Only obtain information about your stimulus payment from trusted sources, such as the Internal Revenue Service or Treasury Department.
For more information about updating your direct deposit information, or your stimulus payment, please visit the IRS website links:
U.S. residents who are not a dependent of another taxpayer and have a work eligible Social Security number with an adjusted gross income up to:
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
Taxpayers likely won't qualify for an Economic Impact Payment if any of the following apply:
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
Under tax reform, the Child Tax Credit may be worth as much as $2,000 per qualifying child depending upon your income - that's twice as much as before. A qualifying child for this credit must meet all of the following criteria:
The IRS began distributing payments April 15, 2020. Taxpayers who have direct deposit information on file will receive their payment first.
The IRS will use the information in your 2019 tax return to calculate your payment, and use the information in your filing to mail or direct deposit your check. If you haven’t filed your return for 2019, the IRS will use information from your 2018 tax filing to calculate and distribute the payment.
Taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment. Visit the IRS Non-Filers website to learn more about how to receive payment. https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
In the event your direct deposit account information changed, either the IRS will mail you a paper check, or you can update your direct deposit information via the Treasury Department at https://www.irs.gov/coronavirus/economic-impact-payments
Taxpayers who already filed their tax returns this year for 2019 need no additional action. The IRS will use this information to calculate the payment amount.
If you haven’t filed your return for 2019, the IRS will use information from your 2018 tax filing to calculate the payment.
You can set up alerts on your checking account, to receive notification any time you receive a deposit. Visit https://www.jefferson-bank.com/personal/online-and-mobile/account-alerts/ for more information about setting up alerts.
For security reasons, the IRS plans to mail you a letter within 15 days after they distribute your payment. The letter will provide information on how the payment was made, and how to report any failures to receive the payment.
You can also track your stimulus payment at https://www.irs.gov/coronavirus/get-my-payment
This money is intended to stimulate the economy – check out these tips for making the most of your stimulus payment.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will receive payments automatically.
If you do not fall into one of these categories, you can visit https://www.irs.gov/coronavirus/economic-impact-payments and fill out the form for Non-Filers: Enter Payment Info Here”
You can continue to check https://www.irs.gov/coronavirus/economic-impact-payments under the “Filers: Get Your Payment” section.
According to the IRS, they are distributing payments “as soon as possible.” Payments began distributing on April 15, 2020 and thereafter. Those using direct deposit will see their payments sooner.
You can continue to check https://www.irs.gov/coronavirus/economic-impact-paymentsunder the “Filers: Get Your Payment” section.
The IRS will use the information in your 2019 tax return to calculate your payment, and use the information in your filing to mail or direct deposit your check. In the event your direct deposit account information changed, either the IRS will mail you a paper check, or you can update your direct deposit information via the Treasury Department at https://www.irs.gov/coronavirus/economic-impact-payments