Tax News and Help

 and it CARES Act- Stimulus Check FAQs

Do I qualify to receive a check?

If you are a tax filer and your adjusted gross income is $75,000 or less for individuals and $150,000 or less for married couples filing joint returns, you will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.  Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. 

How much will I get? 

The payment will be $1,200 for single filers and $2,400 for joint filers. You will get an additional $500 for each qualifying child you claim on your tax return.

What if I have not filed my taxes for 2019? 

The IRS will base your eligibility for the check on your 2018 tax returns. If you later filed your 2019 tax return and it shows your income disqualifies you for the check, you will pay it back when you file your 2020 tax return next year. If you have not filed the last 2 years, but had income, file now.

Where will the check be sent?

  • If the IRS has your direct deposit information on file through a previous tax return, you will receive the deposit automatically. 
  • If the IRS does not have this info, a portal is being created for taxpayers to provide this info. It will be available in the “coming weeks.” 
  • If no direct deposit is available, the IRS will mail a check to your last known address. This option may take several months to process. 

Who does not qualify? 

  • Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. 
  • If you have not filed tax returns for the last 2 years, you will not get a check. If you didn’t file, because you had no income, you are not eligible. If you had income, but didn’t file, file asap to qualify. 
  • If you do not have a SSN, you do not qualify. 

 

For more information directly from the IRS, click here: 

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Jennifer Rose Enrolled Agent Tax Debt Specialist