WASHINGTON - Millions of Americans are expecting to receive economic stimulus checks from the federal government in response to the coronavirus outbreak.
But not everyone is eligible.
Here is who the Internal Revenue Service says likely WON'T qualify for an Economic Impact Payment.
FROM THE IRS:
Although some filers, such as high-income filers, will not qualify for an Economic Impact Payment, most will.
Taxpayers likely won't qualify for an Economic Impact Payment if any of the following apply:
- Your adjusted gross income is greater than: $99,000 if your filing status was single or married filing separately; $136,500 for head of household, and $198,000 if your filing status was married filing jointly.
- You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return.
- You do not have a valid Social Security number.
- You are a nonresident alien.
- You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.
How do I get my money? Do I need to apply to receive my payment?
The stimulus checks, much like a tax refund, will be handled by the Internal Revenue Service. If you have filed your taxes electronically, the money can be transferred to your bank account via direct deposit.
If you have filed a paper copy of your taxes or have closed the bank account used to receive previous tax refunds, the government will send a check in the mail. If you have moved since you last filed your taxes, remember to submit a change of address form, which normally takes four to six weeks to process, in order to have the check sent to the correct residence.
Alternatively, the House Ways and Means Committee said that the Treasury Department plans on setting up an online portal where people can submit their bank information to set up direct deposits instead of getting checks in the mail.
The best way to make sure your money arrives soon is to file your 2019 tax return as quickly as possible. This is especially true for people who lost a job in the last year as this could put you in a position to qualify to receive more money.
How will I know when I’ve received the stimulus money?
According to the text of the bill, Americans will receive a note in the mail – another reason to update your address information – informing them of where the payment ended up and in what form it was made. The paper notice should arrive no more than a few weeks after the money was disbursed.
If you’re having trouble locating the money – either in your bank account or via a check in the mail – there will be information regarding how to contact the IRS in the note mailed to you.