More coronavirus stimulus checks could be on the way, but you may not qualify

Third Stimulus Check: Calculate & Track Payment

More coronavirus stimulus checks could be on the way, but you may not qualify

A new coronavirus relief package totaling some $1.9 trillion and including a third round of stimulus payments has become law. Here's a rundown of how much money you might soon get in a third stimulus check, how that IRS payment will arrive and when.

We're updating this page as new information becomes available.

How much is my stimulus payment?

The U.S. Treasury will disburse up to $1,400 per adult and $1,400 per qualifying tax dependent. A qualifying married couple with two kids could get up to $5,600, for example.

Who qualifies for a stimulus check?

Not everyone. Here's the income criteria:

  • Single filers whose adjusted gross income does not exceed $75,000 are eligible for the full $1,400 stimulus payment. The amount begins to shrink after that and phases out completely at $80,000.
  • Married couples who file jointly and whose AGIs do not exceed $150,000 are eligible for a full $2,800 stimulus payment. The amount begins to shrink after that and phases out completely at $160,000.
  • Heads of household whose AGI does not exceed $112,500 are eligible for the full $1,400 stimulus payment. The amount begins to shrink after that and phases out completely at $120,000.

No matter your IRS filing status, the stimulus payment includes up to $1,400 for every qualifying tax dependent you might have.

» MORE: See who can be a tax dependent

When will stimulus checks arrive? And in what form?

March 17 was the official payment date of the first batch of 90 million payments. Those payments largely went to people who provided direct deposit information on their 2019 or 2020 tax returns, according to the U.S. Treasury.

The second batch of payments has an official pay date of Wednesday, March 24. Many of those payments will be mailed in the form of paper checks or prepaid debit cards.

  • If you are eligible but don’t receive your check, you can claim the payment when you file your taxes for the 2021 tax year in 2022.
  • On February 16, 2021, the IRS said it finished sending out the previous two rounds of stimulus checks.

Here's the rundown of the forms of payment. Keep in mind, the form of payment this time around might differ from the form of payment for your first stimulus check.

Direct deposit

The IRS will use the account data in its system to make direct deposits. If you filed your taxes for 2020 and paid or received a federal tax refund with your bank account, that's where the stimulus check would go.

Paper checks and debit cards

If you received the first two stimulus payments but didn't receive them as direct deposit, you may get a paper check or a new debit card in the mail. The IRS will not reload debit cards you may have received for prior stimulus check payments.

Here's what the debit card and mailing envelope look , so you don't accidentally throw out your money with the junk mail.

Source: IRS.gov

Who doesn't qualify for a stimulus check?

  • People who don't have valid identification numbers. Everybody involved must provide a valid Social Security number (there are special rules for adopted children and members of the military).
  • Certain dependents. If you are a tax dependent on someone else’s tax return, the person who claims you as a tax dependent claims the payment.
  • People who died before January 1, 2021.

Do I have to file a tax return to get a stimulus check?

No, but the payment might not be for the correct amount if you don’t. If you haven't filed a tax return, the IRS will use other information it or other federal agencies may have on file to figure out what to send you.

The IRS will automatically send payments to people who didn't file a return but receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs benefits.

» MORE: See how to file your taxes for free this year

How do I claim my stimulus money if my payment doesn't show up or it's not the right amount?

If your 2020 tax return shows you “made too much” to qualify for this third stimulus check, you may not get a payment now even if you lost your job or income in 2021.

However, because these IRS payments are technically an advance on a 2021 tax credit, if your adjusted gross income in 2021 ends up being under the limit or you have another tax dependent, you might be able to claim the tax credit (or more of the tax credit) when you file your 2021 tax return (the one due in April of 2022).

If you were eligible for the first two stimulus checks (also called economic impact payments) but never received them or didn't receive the full amount, you have another chance to get that money by claiming the Recovery Rebate Credit on line 30 of form 1040 on your 2020 tax return (the one due by May 17, 2021). Page 58 of the instructions for form 1040 has a worksheet to help you calculate how much to claim.

» MORE: Learn how a Form 1040 works and how to fill one out

Do I have to repay my stimulus money?

No, unless you obtained your stimulus check fraudulently.

Will stimulus checks be taxed as income?

No. It's what's called a refundable tax credit.

  1. If you owe back taxes or child support, you’ll still get an IRS payment if you otherwise qualify. In this round, if you owe child support, your check will not shrink.

  2. If you haven’t filed a tax return in the last few years, the IRS may not have your current information and bank account details.

  3. If you don't qualify now, you might still get a break later. If your 2020 tax return shows you “made too much” to qualify for this third stimulus check, you may not get a payment now even if you lost your job or income in 2021. However, you might be made whole later (and don’t forget about filing for unemployment in the meantime).

    That’s because these IRS payments are technically an advance on a 2021 tax credit that’s available all year. So if your adjusted gross income in 2021 ends up being under the limit or you add a dependent, you might be able to claim the tax credit (or more of the tax credit) when you file your 2021 tax return (the one due in April of 2022).

  4. When it comes to the age limit for dependents, the legislation leans on the existing rules for claiming tax dependents. Under those rules, adult parents and college students you financially support might qualify under certain circumstances.

  5. Watch your mailbox and your bank account. For the last two rounds of stimulus checks, the U.S. Treasury sent people letters in the mail after it disbursed money to them. Those letters indicated how the payment was made, how much it was for and provided an IRS phone number for questions.

» MORE: Make sure scammers don't get hold of your relief check

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Источник: https://www.nerdwallet.com/article/taxes/coronavirus-stimulus-bill-payments

Stimulus Checks: Who Is Eligible and When Will You Get Them?

More coronavirus stimulus checks could be on the way, but you may not qualify

According to the IRS, Social Security recipients and railroad retirees who weren’t required to file federal tax returns for 2018 or 2019 will receive $1,200 stimulus payments automatically information contained in their “1099” benefit statements. No additional paperwork is required, per the latest guidance from the IRS.

The IRS reversed an earlier decision and now says it will look at “1099” benefit statements (Form SSA-1099 and Form RRB-1099) to get the information it needs to send out the $1,200 payments automatically in the same manner monthly benefits are received. The vast majority of Social Security recipients receive monthly benefits by direct deposit.

“AARP fought hard to ensure these payments would go to people who rely on Social Security and aren't required to file taxes,” said Bill Sweeney, AARP's senior vice president for government affairs.

“It was just wrong to ask them to fill out extra paperwork, especially in the middle of this crisis, to get the benefits they need.

We are very thankful the IRS reversed course and agreed to work with Social Security to get these checks out automatically without extra paperwork or red tape.”

SSDI disability beneficiaries also to get payments automatically

Stimulus payments will also go out automatically to Social Security Disability Insurance (SSDI) recipients who were not required to file tax returns for 2018 or 2019. Social Security beneficiaries, SSDI beneficiaries also receive SSA-1099 benefits statements every January, which the IRS will use to send the payments.

SSI recipients and VA beneficiaries will get automatic payments

On April 15, the Social Security Administration announced that SSI recipients without dependent children will receive their stimulus payments automatically without having to file any additional forms.

The stimulus payment will be sent to these SSI recipients the same way they get their normal benefits, either through direct deposit, Direct Express debit card, or paper check.

The Treasury Department says it expects payments for SSI recipients to go out no later than early May.

The IRS also has announced that people who receive Compensation and Pensions (C&P) benefits from the Department of Veterans Affairs will receive their stimulus payments automatically even if they have not filed tax returns for 2018 or 2019. The IRS, which made the announcement on April 17, did not say when the stimulus payments would be sent to VA beneficiaries.

People who receive VA benefits, Social Security retirement, SSDI or SSI benefits, and railroad retirement benefits who also have dependent children under the age of 17 who qualify for stimulus money should complete the IRS online form for non-filers in order to get the additional $500 per child payments for these dependents. Beneficiaries in these group who do not provide this information to the IRS soon will have to wait until later to receive the payments for dependents. On April 24, the IRS announced the SSI and VA beneficiaries had until May 5 to use the non-filers web tool to provide information about their eligible child dependents. Otherwise, they will receive $1,200 automatically and, by law, the additional $500 per eligible child would be paid in association with a return filing for tax year 2020.

The IRS also said that Direct Express account holders may use the IRS’s Non-Filer tool, but they cannot receive their and their children’s payment on their Direct Express card. They may only enter non-Direct Express bank account information for direct deposit, or leave the bank information empty to receive a paper check by mail.

For everyone else who was not required to file 2018 or 2019 tax returns, and who are not Social Security recipients, SSDI recipients, VA beneficiaries, or railroad retirees, the IRS has created a free, online tool you can use to quickly register to receive your stimulus payment if you don’t typically file a tax return due to your income level. People who may fall into this category include some low-income workers.

The tool is available only on IRS.gov. You can access the registration by clicking this link or going to the IRS website and looking for “Non-filers: Enter Payment Info Here.” The tool will ask you for some basic information including your name, address, Social Security number, and dependents.

The IRS then will confirm your eligibility, calculate how much you should receive, and send a stimulus payment. If you enter your bank account information, the IRS will deposit your payment directly in your account.  Otherwise, your payment will be mailed to you.

Using the tool will not result in any taxes being owed.

May 13 was the deadline for people to use the online tool to enter their bank account information in order to receive their stimulus payments via direct deposit.

Those people who did not include their banking information on either their 2018 or 2019 tax returns and also did not submit that information using the online tool before the May 13 deadline will receive their stimulus payments as paper checks in the mail rather than direct deposits.

The IRS says it will continue looking for ways to send stimulus payments automatically to people who did not file a tax return in 2018 or 2019. The agency says people in this group can either use Non-Filers: Enter Payment Info option now or wait as the IRS explores possible automatic payment options for these groups. 

AARP urged the IRS to make automatic stimulus payments to SSI and VA beneficiaries without the burden of filing any additional paperwork.

The IRS started sending out stimulus payments in mid-April. You may check on the status of your stimulus payment by using this IRS website.

Источник: https://www.aarp.org/politics-society/advocacy/info-2020/coronavirus-stimulus-checks.html

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