I’m sure you’ve heard by now that congress has authorized the largest stimulus package in US history. Included in that package is “direct economic impact payments” to individuals. This is what people are calling “stimulus checks”.

Since this has been announced we’ve been getting nonstop questions about these checks:

• Am I eligible?
• Do I have to do anything to get it?
• When will I get it?
• How will I get it?

The good news that for most people you don’t have to do anything; however, some taxpayers who do not typically file tax returns may need to submit a simple return in order to get their check.

If you filed tax returns for either 2019 or 2018 you will automatically receive your payment of up to $1,200 for individuals or $2,400 for married couples. You’ll get an additional $500 for each qualifying child. This amount can be reduced or eliminated for indiviudals with adjusted gross income of more than $75,000.

What if I didn’t file my tax returns?

Well it depends.

Social Security recipients and railroad retirees who are otherwise not required to file a tax return will not be required to file one.

There’s a problem with that though.

Since the IRS does not have information regarding your dependents You may only get the $1,200 per person without the additional amount for the dependents. So if that’s you, you may want to file a return.

On the other hand, if you were required to file, but didn’t you’re going to want to file as soon as possible. This comes with a warning. If you have not filed in prior years, but were required to, you may want to speak with a tax resolution professional such as a tax attorney. In many cases we can get you complaint with the IRS and have those tax penalties eliminated or reduced.

And don’t worry, you do have time. These stimulus payments will be available throughout 2020 so get those taxes filed!

If you were not required to file a return and are not receiving social security payments, the IRS originally suggested you file a simple return. Now, they are suggesting you complete a form on their website: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

How will the IRS know where to send my stimulus check?

Well, the vast majority of people don’t need to do anything. The IRS is going to send the payments to eligible individuals using the direct deposit information they have on file.

You can also update this information by filing a simple return or using the IRS portal for non-filers.