Many people have lost their jobs or had their hours cut due to Safer at Home orders and business closures caused by the coronavirus pandemic. That can cause a great deal of financial stress on families across the country, and the government has come up with a way to try to help.

Of course you know that we’re talking about economic impact payments which are also being called stimulus checks. You’ve probably already done the math to figure out whether or not an economic impact payment is heading your way, but in case you haven’t, the basics are as follows:

Anyone who made $75,000 or less on their 2018 or 2019 taxes will receive $1200. For married couples who made $150,000 or less, they will receive $2400. Anyone who has dependent children will also receive an additional $500 per child. 

If you’re not sure if you quality for an economic impact payment, you can find out all the details about who qualifies and who doesn’t at IRS.gov.

If you filed your taxes in 2018 or 2019, you shouldn’t need to do anything. If you provided direct deposit information on your last tax return, your economic impact payment will be deposited directly into your bank account. If you did not provide direct deposit information on your tax return, you will receive a check in the mail.

But the question remains, when will the deposit or check arrive? The answer is not the same for everyone. 

 

On April 17th, IRS.gov is going to launch a new online tool they’re calling “Get My Payment.” This tool will allow you to check your payment status, confirm whether you would like to get your check via direct deposit or a mailed check, and allow you to enter your bank account information if necessary if you prefer a direct deposit.

If you don’t file taxes, you may still be able to get an economic impact payment. Head to IRS.gov to enter your payment information and see if you qualify for a stimulus check or not. 

The IRS also wants people to be cautious about scam artists who may try to take advantage of economic impact payments to get personal information from unsuspecting people.

“Remember, the IRS will not call , text you, email you or contact you on social media  asking for personal or bank account information – even related to the economic impact payments.”

How are you going to spend your economic impact payment? Have you been financially effected by COVID-19?