We frequently answer questions regarding the Economic Impact Payments (EIP), or stimulus checks. In order to provide you an easy to access resource, we’ve compiled a number of those questions and answers here.
Your eligibility to receive a benefit check will be determined by your adjusted gross income (AGI) on your last filed tax return (2018 or 2019) and your dependent status.
Parents/guardians of children under the age of 17 will also receive $500 for each child. That means that if you have a child 17 or older that you still claim as a dependent (think college student or high school senior) on your tax return, you will not receive any benefit for them.
There are many calculators available on the internet to determine your projected payment, but one of the easiest to understand/use is found here at AARP.
If your banking information is on file with the IRS, you could receive your payment by direct deposit as early as the week of April 13th. If your banking information is not on file, you can expect to receive your paper check later this summer.If you’d like to track the status of your payment, you can use this website created by the IRS to get updates.
Yes. Head to the “Get My Payment” page that the IRS recently launched to provide your information.
Once the “Get my Payment” application is available, update your banking information there.
Complete Form 8822 and submit it to the appropriate address listed on Page 2. Expect processing of the form to take 4-6 weeks.
You don’t need to do anything. You’ll receive your EIP automatically assuming you meet the normal requirements.
No. The EIP is an advance of a refundable tax credit on this year’s (2020) tax return. If you weren’t eligible to claim the EIP based on your 2018 or 2019 tax return but are eligible based on your future 2020 return, you’ll be able to claim your benefit next filing season. You will not have to pay tax on the EIP, nor will you have to give it back.