How and When Should I expect my stimulus payment?
On April 4, 2020, TurboTax partnered with the IRS and launched its new portal for low-income American’s to speed up the delivery of their stimulus check. This tool allows them to update their mailing information and input their direct deposit information to ensure they also receive the stimulus package payment. Don’t have a bank account? No problem, choose to receive paper check by mail. This tool is free to use and even has a calculator to estimate money received.
Many Americans can expect to receive the economic impact payments as early as Thursday, April 9. Those receiving paper checks; can expect payments delivered by April 24. However, the first payments will go to Americans that have filed their taxes within the past two years and whose payment information is already on file.
An estimated 10 million Americans aren’t required to file their taxes and are at risk for not receiving the economic response payment. Therefore, we urge you to use this free tool if you haven’t filed within the past 2 years, banking information has updated or if mailing address has changed to ensure you can receive the stimulus payment.
What About Social Security Beneficiaries?
Social Security recipients not required to file a tax return, will still receive their economic payment directly in the mail where their benefits are mailed too. Recipients of social security will get their stimulus funds “very quickly” after mid-April.
These payments are in direct response of the novel Coronavirus outbreak to help American’s stay afloat during what appears to be a recession. In the past two weeks alone, over 10 million American’s have filed for unemployment, an astonishing spike in joblessness.
Stimulus payments are worth up to $1,200 for individuals with an adjusted gross income of $75k and up to $150,000 for those married filing jointly. Have children? You can also receive $500 for each eligible child. Those who are joint married filers and exceed the income of $150,000 are still eligible to receive a stimulus payment however it is reduced $5 for every $100 above $150,000.
Single filers with income that exceeds 99K and those who are married filing jointly with no children and incomes exceed $198k; are not eligible to receive a stimulus payment.