Economic Impact Payment FAQ    no comments

Posted at 11:02 am in News

There are lots of questions about the Economic Impact Payments floating around, so we wanted to find out some answers for you. Below is a list of commonly asked questions and we hope that we’re able to give you the information you really need. If you have a question that we haven’t answered here, you can visit the IRS website at https://www.irs.gov/coronavirus/economic-impact-payments for more information. If that doesn’t help, feel free to reach out to us and we will try to get you the answer you need. 

Why is the government giving out money like this? 

  • The coronavirus (COVID-19) pandemic has put a lot of people out of work and caused a lot of financial hardship for individuals, families, and businesses. The government is giving out this money to help people stay afloat while the virus spreads and to help businesses try to keep the economy going as much as we can. 

Who qualifies for this money?  

  • Most American adults will receive some money for themselves and their families through the COVID-19 Stimulus Package. If you have a Social Security number or an adoption taxpayer identification number (AITN), you can receive the stimulus money. 
  • Immigrant households who filed taxes with an Individual Taxpayer Identification Number (ITIN) will not qualify for the stimulus money. 
  • If you owe back child support payments, you may not get any or all of the Economic Impact money that you could have received. 

How much money do I get? 

  • If you are a single person and made less than $75,000 last year, you will get $1,200. 
  • If you are the head of the household (on your tax form) and made less than $112,500 last year, you will get $1,200. 
  • If you are a married couple and your combined income was less than $150,000, you will get $2,400 (or $1,200 each). 
  • If you have children under the age of 17 that you claimed on your taxes last year, you will $500 per child on top of the $1,200 you are receiving. 

What if I had a baby since the last time I filed taxes, can I still get $500 for them? 

  • No. The amount you get is based off your most recent tax return. 

I haven’t filed my taxes this year, can I still get the money? 

  • Yes. If you have not filed your taxes this year, the IRS will use your 2018 tax information to determine the amount you are eligible for. 

I do not have to file taxes, can I still get the money? 

  • Yes. If you receive Social Security Retirement Benefits or Social Security Disability Payments and you do not have any children under the age of 17, you do not have to do anything to receive the money. Otherwise, you can enter your information through the IRS’s website and receive your money.
    Visit:  https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here 

How am I supposed to use this money? 

  • You are free to use the money on whatever you want. A lot of people will probably use the money to help them pay bills and buy groceries, gasoline, and supplies for their home. 
  • Even though landlords can’t evict you right now and your electricity won’t be cut off right now, you still have to pay those bills at some point.  

I lost my job due to the COVID-19 pandemic, do I qualify? 

  • Yes. If you filed taxes in either 2018 or 2019, you do not have to do anything to receive the money. 

I was unemployed before the COVID-19 pandemic began, do I qualify? 

  • Yes. If you filed taxes in either 2018 or 2019, you do not have to do anything to receive the money. 

I’m still employed or found new employment, do I qualify? 

  • Yes. If you filed taxes in either 2018 or 2019, you do not have to do anything to receive the money. 

I draw Social Security Retirement, do I qualify? 

  • Yes. If you do not have any children under the age of 17, you will automatically receive your payment. You do not have to do anything. 

I draw Social Security Disability (SSDI), do I qualify? 

  • Yes. If you do not have any children under the age of 17, you will automatically receive your payment. You do not have to do anything. 
  • If you have children under the age of 17, you still qualify, but you will have to enter your information on the IRS website to make sure that you will receive the $500 per child. Visit: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here 

I draw Supplemental Security Income (SSI), do I qualify? 

  • Yes. If you do not have any children under the age of 17, you will automatically receive your payment. You do not have to do anything. 
  • If you have children under the age of 17, you still qualify, but you will have to enter your information on the IRS website to make sure that you will receive the $500 per child. Visit: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here 

I draw SSI and use a Direct Express card which does not have a routing number or account number, can I still get the money? 

I’m new to the Social Security or SSI system, do I need to do anything? 

Do adult dependents that I claimed on my taxes qualify? 

  • No. If you claimed an adult dependent on your taxes, that person is not eligible for the economic impact money. 

What do I have to do to get this money? 

  • Most people won’t have to do anything. The IRS will either direct deposit the money into the same bank account that you used to receive your income tax return or they will send you a check by mail. 
  • If you do not have to file taxes or did not file in 2018 or 2019 and you do not receive SS benefits or SSDI, you can enter your information through the IRS’s website and receive your money.
    Visit:  https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here 

What if my address has changed since I filed taxes?  

What if opened a bank account or my bank account information has changed since I last filed taxes? 

  • If your bank account information has changed since you last filed taxes, you can visit the IRS’s website at:  https://www.irs.gov/coronavirus/economic-impact-payments. Click on the “Get My Payment” button and enter your information there. That part of their website won’t be ready until about mid-April, so just keep checking back. 

What if I don’t have a bank account, can I still get the money? 

  • If you do not have a bank account, you can still receive the money. The IRS will be processing direct deposits (into people’s bank accounts) first, then they will process paper checks. It will take longer to receive a paper check, but you will still receive the money. 

Will this money be taxed? 

  • No. While regular income and unemployment funds will be taxed, the economic impact money will not be taxed. 

Will I have to pay this money back? 

  • No. You do not have to pay this money back. 

 

Written by Sarah Hill on April 13th, 2020

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