The Moritz Group, PC
Certified Public Accountant
Stimulus Information
(updated 04/15/2020)
Get Your Stimulus Money Direct Deposit - Faster than by mail
Today the IRS released a portal on their website (link listed below) that gives tax payers access to a a web prompt to enter in their direct deposit information so that the stimulus money can be deposited faster into your checking account.
Please follow the link below to the IRS Portal access and click "Get My Payment"
*****PLEASE NOTE: Due to high volume, there may be significant wait time to gain access to the portal*****
When to Expect Your Stimulus Money
Most Americans who had direct deposit set up on their tax return should start seeing their stimulus refund as soon as April 9th. The bulk of direct deposits should be received by April 15th.
If you did not have direct deposit listed on your most recently filed tax return, paper checks will start going out April 24th and are expected to be completely distributed by September 11th.
The IRS will be opening a portal to allow individuals the ability to track their checks as well as add additional information such as direct deposit or change of address.
We will be keeping this up-to-date as more information becomes available.
Source: https://www.businessinsider.com/personal-finance/wheres-my-stimulus-check-when-payments-are-coming-2020-4https://www.businessinsider.com/personal-finance/wheres-my-stimulus-check-when-payments-are-coming-2020-4
IRS Economic Impact Payments [Stimulus] Flyer
The attached PDF above is a flyer released by the IRS regarding the Economic Impact Payments [Stimulus Money] that will be dispersed by the government. Please review the document to help any pressing questions that you may have regarding the stimulus money.
Please note, some individuals will NOT qualify for the stimulus money. A brief outline of who may not receive them is listed below.
- Any Dependent over the age of 17
- College Students (That are dependents)
- Disabled individuals (That are dependents, over 17 years old)
- Seniors living with children (That are dependents)
- Babies born in 2020
- High income earners that lost their jobs, or were laid off (if over the income brackets listed below)
- Parents who didn't get to claim their dependent on the most recent tax return
- Recently divorced individuals *Whichever bank account their tax money went into, is the account the stimulus will go into*
- Individuals that owe back child support
For further guidance, please check the links located at the bottom of this page.
According to the sources listed below, We have compiled the information we believe to be the most helpful to answer any questions about the Stimulus Package that was just approved.
Who Qualifies?
Every Adult taxpayer whose income falls between the brackets listed below.
Single
(Anyone who does not have dependents and is not married OR has a dependent but does NOT provide half of the household support)
Maximum Amount
Income Range, up to $75,000
Income Range, $75,000 to $99,000
Over $99,000
Child Dependent
Full Amount, $1,200
$1,200
Reduced
None, $0.00
Add $500
Head of Household
(Anyone who is not married, that claims a dependent AND provides over half the household support.)
Maximum Amount
Income Range, up to $112,500
Income Range, $112,500 to $136,500
Over $136,500
Child Dependent
Full Amount, $1,200
$1,200
Reduced
None, $0.00
Add $500
Married Filing Jointly
(Married individuals who file Jointly)
Maximum Amount
Income Range, up to $150,000
Income Range, $150,000 to $198,000
Over $198,000
Child Dependent
Full Amount, $2400
$2,400
Reduced
None, $0.00
Add $500
(Calculating the Reduced Amount)
$1,200 is reduced by $50 for every $1,000 made over $75,000
$1,200 is reduced by $50 for every $1,000 made over $112,500
$2,400 is reduced by $100 for every $2,000 made over $150,000
How do they determine if you are qualified?
If you worked a job that withheld social security tax from your wages you are eligible as long as you were NOT claimed as a dependent on someone else's return.
They will use information from your 2019 return first (if filed already). If they don't have it filed, they will use 2018 if you haven't filed 2019. If you have NOT filed either year, they will use information they have gathered from the Social Security Administration.