In response to the CARES Act, Americans have started receiving their stimulus money; this is estimated to continue through September.
- If you filed your income taxes in 2018 or 2019 and provided direct deposit information to receive your refund, your stimulus check will be deposited into the account provided. This will begin mid-April.
- If you received your refund via paper check in 2018 or 2019 (if you’ve already filed), you will receive your stimulus money in the mail beginning in early May. The IRS will start sending checks to taxpayers with the lowest annual gross income first.
Who Will Receive a Stimulus Check?
The following will receive a stimulus check automatically:1
- U.S. citizens or permanent residents who filed federal income taxes for 2018 or 2019 if income thresholds are met,
- Those receiving Social Security retirement, disability (SSDI), or survivor benefits, or
- Those receiving Railroad Retirement benefits.
How Much Will You Receive?
The amount of money Americans will receive from the CARES Act is dependent on their household income and filing status. The amount is calculated based on 2019 tax returns filed (2018 returns in cases where a 2019 return hasn’t been filed yet). More than 80% of taxpayers will receive a stimulus payment this year.2
Recovery Rebate Breakdown:
- $1,200 ($2,400 if married filing a joint return) plus $500 for each qualifying child under the age of 17.
- Rebates are phased out for those with adjusted gross income of $75,000+ ($150,000+ if married filing a joint return).
Use the 2020 Stimulus Check Calculator to see how much you will receive.
Getting Your Stimulus Check Faster
The IRS launched a new tool online helping those who don’t file a tax return regularly to get their stimulus check faster. This could include those who weren’t required to file a federal income tax return in 2019 or those who earned a gross income less than $12,200 ($24,400 for married couples) in 2019.
Here’s how to access the free tool:
- Go to IRS.gov, which is the official website of the Internal Revenue Service (IRS).
- Access the link that says: “Non-Filers: Enter Payment Info Here.”
- You will be taken to Free File Fillable Forms, which a safe and secure IRS partner website.
- Create an account with an email address and phone number.
- Add your filing information (Single or Married filing jointly).
- Add your personal information, including a valid Social Security Number.
- Check the box if someone can claim you or your spouse as a dependent.
- If you want to be paid electronically, enter your bank information. Otherwise, you will receive a paper check in the mail.
- You will be asked to verify your information with a driver’s license or state identification. If you don’t have either, you can leave this section blank.
- Free Fillable Forms will send you an email confirmation if you’re all set or if you need to correct any errors. Once completed, Free Fillable Forms will file a Form 1040 and submit it to the IRS for you.
- Your payment will be sent to you.
Tracking Your Stimulus Check
The IRS launched a "Get My Payment" free online tool, which provides Americans the ability to check the status of their payment.3 It includes how your check will be sent, direct deposit or mailed check, and the date the money will either be scheduled to deposit or mailed.
Further, the new “Get My Payment” tool allows taxpayers to provide their bank account information to receive their payment via direct deposit which is significantly faster than a paper check. Note: If the payment has already been scheduled to mail, you cannot use this feature.
We care about our members and our communities and are here to help. Visit our COVID-19 Response page for more information on how we can support you.
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- CARES Act Provides Relief to Individuals and Businesses
- How to Spend (or Not Spend) Your Stimulus Money
- Handling Market Volatility
1 Forbes This New Tool Helps You Get Your Stimulus Check Faster
2 TurboTax Stimulus Check
3 IRS.gov Economic Impact Payments