Economic Impact Payments from the IRS (stimulus checks)
On March 30, 2020, the IRS issued IR-2020-61 and announced the distribution of economic impact payments will begin in the next three weeks (from that date) and will be distributed automatically with no action typically required from people. However, there are certain requirements, most of them obvious. These requirements include a filed 2018 or 2019 income tax retun and valid bank account information. There are also income thresholds which begin to eliminate and eventually phase out the payment amount.
To obtain the specifics surrounding these economic impact payments, see the frequently asked questions posted by the IRS. Be careful to only provide information through a valid website, such as IRS.gov. Other websites or phone calls from people indicating they are with the IRS are probably fraudulelent and should be avoided.
Also, note that the IRS has indicated there will be additional guidance issued about claiming dependents on the 2020 income tax return where ecomonic impact payments did not include payments for those dependents. Until such guidance is finalized, tax preparers will be unable to determine how or when you may received those funds.
- Economic Impact Payments - What You Need to Know (IRS)
- Economic Impact Payments - Payment Information Center (IRS)
- Get My Payment - FAQs (IRS)
- Get My Payment - Check on Payment Status (IRS)