How to Receive Your Coronavirus Stimulus Check
April 7, 2020
By Serah Blackstone-Fredericks with Books in Harmony
With all the health and financial uncertainty surrounding the Coronavirus, it is a relief to have some good news. The stimulus checks have been approved bringing relief to millions of Americans nationwide. So, what’s next?
Many people are wondering how The Internal Revenue Service (IRS) will distribute this aid to those who qualify to receive it. Here is a recap of what you can expect and any steps you may need to take to feel more prepared and prevent delays in getting the help we know so many need right now.
So, when was the last time you filed your taxes? If you have filed for 2019, great! If you had the IRS either debit your account for your tax payment or for any refund you may have been due, the IRS will use that same information to provide you with your stimulus payment via direct deposit.
What if you haven’t filed? The default information from your 2018 tax return will be used. Anyone who had previously sent their documents and payments via mail will likely receive a check to the most recent address. The IRS is creating a site (that is under development) that will enable requesting a deposit of your stimulus check via direct deposit. How long that will be before it is released to the public is currently unknown.
Important Note:
If you have switched banking institutions since you filed your 2018 and have yet to finish your 2019 tax filing, you may want to take quick action to remedy that. If the IRS uses old account information, it may take even longer for you to receive your stimulus relief. Incorrect information will cost you more than lost time when the bank is forced to bounce your stimulus check back to the IRS. The key to the successful delivery of your stimulus relief is accurate information.
Your Stimulus Relief Checklist:
Ensure the IRS has accurate address or banking information on file.
If you haven’t filed your 2019 return, don’t wait! It could delay your check.
Remember: If your income is less for 2019 than 2018, this will affect your payment. You may want to file now to receive maximum benefit.
Remember: This is NOT taxable.
You don’t have to calculate a thing. The IRS will send funds based on income thresholds.
If you are eligible – Be patient. It will take time once the funds begin distribution on April 6th.
Many of you won’t need to take any action. If you receive any kind of disability or social security benefits, your information is likely up to date. If you are worried, just keep in mind a website is under development to help those who do not have up to date information to ensure that everyone is receiving the intended relief this stimulus payment has been generated to give. With every day having its own measure of uncertainty, let’s do our part to make sure that the funds that have been designated to help us are not hindered by old and inaccurate information.
As the curve begins to flatten, our world will wake up again, and these funds are just one of many steps that will be taken to see that we all have a fighting chance to not only survive this virus but to grow and thrive despite it.
If you would like more information about income thresholds and amounts check out the IRS link below.
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know