Apr 20, 2020 | COVID-19, MBE CPAs

Last Updated: May 27, 2020

Economic Impact Payment

The IRS launched its “Get My Payment” tool, which allows taxpayers to check the status of their economic impact payment along with an FAQ page to field any questions. Below is a compilation of information we encourage you to use and share with family, friends, employees, colleagues, and neighbors.

Find out when your Economic Impact Payment will arrive

The IRS Get My Payment tool will provide you the status of your payment, including the date it is scheduled to be deposited into your bank account or mailed to you.

An additional feature of the Get My Payment tool will allow you a chance to provide your bank account information to receive your payment more quickly rather than waiting for a paper check. This feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.

The latest information on tax relief related to Coronavirus can be found at IRS.gov/coronavirus.

IRS tool to help non-filers get Economic Impact Payments

Individuals who are not required to file a 2018 or 2019 tax return can enter their payment information at www.irs.gov/coronavirus/non-filers-enter-payment-info-here. To use this tool, provide your Social Security number, name, address, and dependents. The IRS will use this information to confirm your eligibility and calculate and send you an Economic Impact Payment.

Using the tool will not result in any taxes being owed. Entering bank account information will allow the IRS to deposit your payment directly into your account. Otherwise, your payment will be mailed to you.

Please share this information with family and friends. Some people who normally don’t file a tax return may not realize they’re eligible for an Economic Impact Payment

Visit www.IRS.gov/coronavirus for more information on tax relief related to Coronavirus.

Who gets an economic impact payment and how much is it?

Most U.S. residents – under certain income levels – will likely receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social Security number.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an Economic Impact Payment.

Here’s how much the payments will be and to whom:

  • Eligible individuals will receive up to $1,200.
  • Eligible married couples will receive up to $2,400.
  • Eligible individuals will receive up to $500 for each qualifying child.

People who receive Social Security, SSDI, SSI or railroad retirement benefits, and who aren’t claimed as a dependent on someone else’s return or required to file a tax return, are eligible for a $1,200 payment. No further action is necessary for these recipients who automatically will receive their payments the same way they currently receive their Social Security and Railroad Retirement benefits.

Visit the Coronavirus Tax Relief page of IRS.gov for details on income limits that apply.

Be on the lookout for Coronavirus scammers

Everyone should be alert for scammers calling, texting and emailing about the Coronavirus or COVID-19, including Economic Impact Payments. These scams can lead to tax-related fraud and identity theft.

What you need to know:

  • The IRS will not call, email or text you to verify or request your financial, banking or personal information.
  • Watch out for websites and social media attempts to request money or personal information. IRS.gov is the official website.
  • Don’t open unexpected emails that look like they’re coming from the IRS or click on any attachments or links.
  • Don’t engage potential scammers.
  • Forward suspicious emails to phishing@irs.gov.

Visit IRS.gov for the most current information.