The IRS is issuing Economic Impact Payments (commonly referred to as stimulus checks). These payments are being issued automatically for most individuals. However, some people who do not usually file a tax return will need to submit basic information to the IRS to receive their payment.
Questions? The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Here are answers to some of the most common questions.
How are payments calculated and where will they be sent?
If taxpayers have already filed their 2019 tax return and requested direct deposit of their refund, the IRS will use this information to calculate and send their payment. Those who did not provide 2019 direct deposit information or who did not owe tax can use the Get My Payment tool to provide account information or a payment will be mailed. For those who have not filed their 2019 return, the IRS will use their 2018 tax return to calculate the payment.
Payments will also be automatic for those who receive Social Security, railroad retirement or Social Security Disability Insurance (SSDI and SSI) and veteran's benefits who do not normally file a tax return.
However, to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020.
What if the IRS does NOT have the taxpayer's direct deposit information?
If the IRS has not processed the taxpayer’s payment, then the taxpayer may be able to use the the IRS's Get My Payment tool to provide their banking information to the agency so their payments can be directly deposited. If no banking information is provided, IRS will mail a check to the taxpayer's address on record. The direct debit account information used to make payments to the IRS cannot be used as the account information for the direct deposit of your payment.
Can taxpayers who are NOT required to file a tax return receive a payment?
Yes. People who do not normally file can use the IRS's Non-Filers: Enter Payment Info Here tool to give IRS basic information to get their Economic Impact Payments. This includes low income or no income taxpayers.
Can taxpayers who have NOT filed a tax return for 2018 or 2019 still receive a payment?
Yes. Anyone who is required to file a tax return and has not filed a tax return for 2018 or 2019 should file their 2019 return do so as soon as possible to receive a payment. They should include direct deposit banking information on their return.
I received an additional $500 in 2020 for my qualifying child. However, he just turned 17. Will I have to pay back the $500 next year when I file my 2020 tax return?
No, there is no provision in the law requiring repayment of an Economic Impact Payment. You will not be required to repay any Payment when filing your 2020 tax return even if your qualifying child turns 17 in 2020 or your adjusted gross income increases in 2020 above the thresholds listed above.
COVID Tax Tip 2020-44 #IRSTaxTip