IRS Economic Stimulus Payment (For Individual Taxpayers)
IRS has an excellent website for FAQs. Please review this and our guidance below for answer to your questions:
https://www.irs.gov/coronavirus/economic-impact-payment-information-center
UPDATED 5/28/2020 - IRS may be sending some taxpayers a VISA DEBIT CARD instead of a check. Please check your mail as it may end up looking like "Junk Mail"
If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank®, N.A. Information included with the Card will explain that the card is your Economic Impact Payment Card. Please go to EIPcard.com for more information.
UPDATED 5/13/2020 - If you still have not received your stimulus payment, do not panic. The IRS is mailing checks out to your home each week. The lowest income taxpayers are slated to receive the checks first. Higher income taxpayers (earning over $100,000 per year) may need to wait until July or August. The IRS has not committed to this schedule and it could change at any time, so please be patient. Here is a link to two great articles:
https://www.forbes.com/sites/zackfriedman/2020/04/21/stimulus-checks-schedule/#721d1a457b84
https://www.forbes.com/sites/jenniferbarrett/2020/05/13/no-stimulus-check-yet-heres-how-to-determine-when-it-may-arrive/#4d77ea62280c
UPDATED 5/6/2020 - We receiving reports that some taxpayers that received stimulus are getting less than what they expected based on the calculation. At this point, there is nothing to do. The IRS is going to send all stimulus recipients a
letter in the mail 15 days after paying them. An IRS spokesman says the letter will confirm how the money was sent and tell taxpayers the best way to alert the IRS if anything needs to be corrected. So, assistance is TBD — but it is coming. Keep an eye on your mailbox.
Remember, the check is technically an advance payment of a refundable credit on your 2020 tax return, which you won’t have to file until April 15, 2021. Assuming your income is similar or less in 2020, you will receive the difference when you file your 2020 tax return.
https://money.com/stimulus-check-wrong-amount/
UPDATED 4/26/2020 - We have been receiving an EXTREME amount of inquiries about issues with this stimulus and the IRS Website. "Status Not Available" is very common.
We want to let you know that YOU ARE NOT ALONE. The IRS is overloaded and updating their website daily. Our advice to clients at this point is to re-visit the IRS website (Below)
https://www.irs.gov/coronavirus/get-my-payment
https://www.irs.gov/coronavirus/economic-impact-payment-information-center
UPDATED 5/28/2020 - IRS may be sending some taxpayers a VISA DEBIT CARD instead of a check. Please check your mail as it may end up looking like "Junk Mail"
If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank®, N.A. Information included with the Card will explain that the card is your Economic Impact Payment Card. Please go to EIPcard.com for more information.
UPDATED 5/13/2020 - If you still have not received your stimulus payment, do not panic. The IRS is mailing checks out to your home each week. The lowest income taxpayers are slated to receive the checks first. Higher income taxpayers (earning over $100,000 per year) may need to wait until July or August. The IRS has not committed to this schedule and it could change at any time, so please be patient. Here is a link to two great articles:
https://www.forbes.com/sites/zackfriedman/2020/04/21/stimulus-checks-schedule/#721d1a457b84
https://www.forbes.com/sites/jenniferbarrett/2020/05/13/no-stimulus-check-yet-heres-how-to-determine-when-it-may-arrive/#4d77ea62280c
UPDATED 5/6/2020 - We receiving reports that some taxpayers that received stimulus are getting less than what they expected based on the calculation. At this point, there is nothing to do. The IRS is going to send all stimulus recipients a
letter in the mail 15 days after paying them. An IRS spokesman says the letter will confirm how the money was sent and tell taxpayers the best way to alert the IRS if anything needs to be corrected. So, assistance is TBD — but it is coming. Keep an eye on your mailbox.
Remember, the check is technically an advance payment of a refundable credit on your 2020 tax return, which you won’t have to file until April 15, 2021. Assuming your income is similar or less in 2020, you will receive the difference when you file your 2020 tax return.
https://money.com/stimulus-check-wrong-amount/
UPDATED 4/26/2020 - We have been receiving an EXTREME amount of inquiries about issues with this stimulus and the IRS Website. "Status Not Available" is very common.
We want to let you know that YOU ARE NOT ALONE. The IRS is overloaded and updating their website daily. Our advice to clients at this point is to re-visit the IRS website (Below)
https://www.irs.gov/coronavirus/get-my-payment