What To Know About The COVID-19 Stimulus Checks - Checkexpress

What To Know About The COVID-19 Stimulus Checks

Another day at home means more lives are being saved – it also means continued financial uncertainty for most Americans. The federal government has recently signed the “Cares Act” to reduce the majority of Americans’ financial burdens during this pandemic: “The $2.2 trillion economic stimulus package, formally known as the CARES Act, was signed into law about two weeks ago. And Economic Impact Payments — often referred to as “stimulus checks” — are already starting to show up in Americans’ bank accounts” The Motley Fool
Most of us will soon be receiving economic impact payments being issued by the Internal Revenue Service (IRS). We’ve made a list of common questions about receiving your stimulus checks. Checkexpress has done our best to find the most current answers for helping you receive your checks quickly!
  • “Most people will automatically receive stimulus direct deposits or checks starting the week of Apr. 13, 2020, according to the IRS.
  • The IRS and TurboTax have each launched online portals for low-income Americans who do not file to get in their information so they can receive direct-deposit payments.
  • Eligible Social Security and railroad retirees will automatically receive their payment.
  • Veterans beneficiaries and Supplemental Security Income (SSI) recipients can use the new IRS non-filer portal.
  • You probably don’t need to do anything to get your payment unless you didn’t file a tax return in 2018 or 2019.
  • If you are required to file taxes – but didn’t file them in 2018 or 2019 – you will need to file before you receive payment.” Investopidia
Here are some answers to common questions related to the COVID-19 stimulus checks:
  • Do I qualify? And how much will my household receive?
    • You likely qualify for an economic impact payment if: your filing status is single or married but filing separately, and you make less than $99,000;
    • your filing status is head of a household, and you make less than $136,500;
    • your filing status is married and you file jointly, and your combined income is less than $198,000;
    • your income is above $75,000 as an individual or $150,000 as a joint filer, the payment amount is reduced by $5 for each $100; or you don’t typically file taxes and receive Social Security benefits from the Social Security Administration or Social Security Equivalent Benefits (SSEB) from the U.S. Railroad Retirement Board.
  • Can I provide the IRS with my bank account information for direct deposit?
    • Later this month, the IRS will launch a separate online application, “Get My Payment,” which allows taxpayers, who filed their tax return in 2018 or 2019 but did not provide their banking information on their return, to submit direct deposit information so that they can receive payments immediately, as opposed to checks in the mail. “Get My Payment” will also allow taxpayers to track the status of their payment.
  • What if I haven’t filed my taxes yet?
    • The majority of Americans will receive an economic impact payment that’s based on their income and the filing status on their 2019 tax return. If you haven’t filed your 2019 taxes, your 2018 return will be used to calculate the amount you’ll receive.
    • The IRS has extended the deadline for filing your 2019 taxes until July 15, 2020, and you’ll have until the end of 2020 to claim your money. Learn how Checkexpress can help you with filling your taxes!
  • How to know when you might be scammed: 
    • If you receive a message claiming to be from the IRS asking for personal information: it’s a SCAM.
    • With the rollout of economic impact payments, there’s an increased risk of scams. It’s important to stay vigilant and aware of unsolicited communications asking for your personal or private information – through mail, email, phone call, text, social media or websites – that ask you to verify your SSN, bank account, or credit card information.
    • Suggest that you can get a faster payment if they fill out information on your behalf or if you sign over your check to them.
    • Send you a bogus check, perhaps in an odd amount, and then ask you to call a number or verify information online in order to cash that check.
    • Be aware that scammers are also able to replicate a government agency’s name and phone number on caller ID. It’s important to remember that a government agency will never ask you for your personal information or threaten your benefits. 
If you receive an unsolicited email, text or social media attempt that appears to be from the IRS or an organization associated with the IRS, like the Electronic Federal Tax Payment System, notify the IRS at [email protected]. You can also learn more about coronavirus-related scams.” IRS/Phishing
Paper checks will begin to be sent in early May to taxpayers who didn’t get theirs through direct deposit, although this process is expected to take as long as 20 weeks, as the IRS has the capacity to issue about 5 million checks per week! Many of the people awaiting this aid from the federal government might be without jobs or struggling to make ends meet. Checkexpress wants to make sure you have access to unemployment help during this challenging time. Read our latest blog about Illinois unemployment resources.
Life may feel daunting, to say the least…But there is light at the end of the tunnel. One thing you can count on is Checkexpress, we value our customers’ wellbeing and believe in our community. Chicagoans are strong people. We can make it through this as long as we are all in it together! Please stay at home and stay safe!
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