Stimulus Checks Start Arriving This Week - Here's What to Expect

Two weeks ago, the federal economic stimulus package known as the CARES Act was signed into law. Starting this week, Economic Impact Payments - often called "stimulus checks" - will show up in some Americans' bank accounts.

Who is eligible for the Economic Impact Payment?

U.S. citizens or resident aliens who:

• Have a valid Social Security number,
• Could not be claimed as a dependent of another taxpayer, and
• Had adjusted gross income under certain limits.

Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments without having to take any extra steps, including:

• Individuals who filed a federal income tax for 2018 or 2019
• Individuals who receive Social Security retirement, disability (SSDI), or survivor benefits
• Individuals who receive Railroad Retirement benefits

How do I get a stimulus check from the IRS if I did not file a tax return in 2018 or 2019?

The IRS has launched a new we portal for people who did not file tax returns in 2018 or 2019 but are eligible for stimulus checks. This new web portal is easy to use, safe, secure, and free. Individuals who did not file tax returns in 2018 or 2019 should use this tool, including:

• People who did not make enough money to require filing. This may include single filers who made under $12,200 and married couples making less than $24,400 in 2019.
• People receiving veterans beneficiary payments and Supplemental Security Income (SSI) payments.

What if I receive Social Security payments (65 years +) or social security disability payments?

You do not need to file a tax return to receive stimulus money. According to the IRS, you will automatically receive $1,200 Economic Impact Payments. However, you may want to file a tax return if you have qualifying children under 17 years of age. In that case, you may receive up to $500 per child.

What will I need to file?

• Full name, current mailing address and an email address
• Date of birth and valid Social Security number
• Bank account number, type and routing number, if you have one
• An Identity Protection Personal Identification Number (IP PIN) if you received from the IRS earlier this year.  
• Driver's license or state-issued ID, if you have one.
• For each qualifying child: name, Social Security number or Adoption Taxpayer Identification Number and their relationship to you or your spouse

When will my check be delivered?

The IRS is sending out direct deposits and paper checks starting with the lowest income earners. The IRS began depositing money on April 9. If you received prior tax refunds via direct deposit, funds will likely be automatically deposited into your bank account. The IRS will begin sending paper stimulus checks on April 24, 2020. The plan is to send paper stimulus checks to taxpayers with the lowest adjusted gross income first. Therefore, taxpayers who earned less than $10,000 will receive a paper check first.

On Friday, April 17, the IRS will release a new tool for tracking your payment status online and confirming whether your payment type will be direct deposit or check.