link below or using our Live Chat feature at the bottom right-hand side of the page. Show More. Note: The stimulus payments have recently been named the Economic Impact Payments (EIP). For retirees who are not required to file a return and receive Social Security benefits, the information needed to accurately assess your payment and send it to you is collected from what’s on file with the Social Security Administration (SSA). Filing now also helps to ensure your bank account and home address information is up to date so there is no question about where the money should be sent. A recent press release indicates an initial round of more than 80 million payments hit bank accounts throughout that weekend and into the following week. Estimate your tax refund and avoid any surprises, Adjust your W-4 for a bigger refund or paycheck, Find your tax bracket to make better financial decisions, Enter your annual expenses to estimate your tax savings, Learn who you can claim as a dependent on your tax return, Turn your charitable donations into big deductions, Get a personalized list of the tax documents you'll need, Find out what you're eligible to claim on your tax return. You are probably getting a check. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return. Not everyone needs to file to get a stimulus payment. We anticipate the Treasury will release further guidance. Important: On April 1, 2020, the Treasury Department announced individuals on Social Security DO NOT need to file a tax return to receive their stimulus payments. Let's take a look at the 2020 stimulus checks, how they work, who qualifies, how to get one, and how your taxes will be affected. At this time, we understand you will not receive your stimulus money on any prepaid card. See the official information at the IRS website. Anticipated fee increase expected in March 2021. If you are not on Social Security but also do not earn an income, you are required to file a return to get your stimulus payment. Updated for Tax Year 2020. We have no additional information as to when all payments will be processed and received. Recent changes to the Earned Income Tax Credit (EITC) may put more money in your pocket in 2020 if you are married, or if you have three or more qualifying children. Good news! Start for free today and join the millions who file with TurboTax. In that instance, you must file as soon as possible to give the IRS your accurate bank information. As Coronavirus (COVID-19) continues to disrupt the U.S. economy, many have turned to the federal government for hope. As of today, all direct deposits have been posted and to your account and should receive your funds by 01/04/2021 by 6 pm ET. It also will include information on how to report any payment not received. If you're required to file a tax return, the IRS will use information from your most recent filed tax return (2018 or 2019) to issue your stimulus payment. Ask Your Own Computer Question. TAX PRODUCTS PE1 SBTPG LLC credited and debited my return same day (amount was with fee deducted as expected). The IRS already began issuing stimulus payments based on your latest filed tax return (2018 or 2019). You must file a 2019 stimulus only return to submit your information. Most people do not need to worry about doing anything. A refundable credit is a tax benefit you can take advantage of even if you do not owe any tax. Tax Products Pe2. As long as you received a SSA-1099 form (the Social Security benefit statement), the federal government will send your payment the same way they send your Social Security payment. It will list how the payment was made plus the amount deposited. Limited interest and dividend income reported on a 1099-INT or 1099-DIV. Below is all the information you need to know for stimulus check registration during the coronavirus crisis. On April 15, the IRS released a new web portal called Get My Payment. In response to the challenges presented by Coronavirus (COVID-19), the government is taking several actions to bolster the economy, such as offering expanded unemployment, student loan relief, sending stimulus checks and more. Tax Pro Help Center Get answers 24/7 at Support.sbtpg.com Tax Pro Support (New to TPG) 877.901.5646 Tax Pro Support (Existing client) 800.779.7228 Tax Pro Website Login to your account at pro.sbtpg.com Not available for disbursements over $7,500. 3702.. 5 Pick up your tax refund proceeds at participating Walmart locations when using this paperless tax refund disbursement service available through select tax preparers. Stop here. The IRS will then re-process your payment and send it to you via a paper check. If you have not filed your 2019 return but used Republic Bank when filing your 2018 return, they will send any stimulus money received for you back to the IRS. If your tax return doesn't indicate a direct deposit account, you'll receive a paper check. Check the link below. If the numbers on your 2020 tax return suggest you got more than you should have, you won’t have to pay it back. Named the CARES Act, this monumental $2 trillion stimulus package is intended to provide relief to individuals, businesses, and industries who have taken a financial hit over the last several weeks. The stimulus bill designed to boost business and individuals impacted by the COVID-19 recognizes menstrual products — tampons, pads, liners, cups, sponges, or similar products used for menstruation — as medical expenses in Sec. I have not receive my $1200 stimulus check. Let TurboTax keep you informed on the latest information on how taxes are impacted by COVID-19 relief including the most up-to-date information on tax filing deadlines, visit our Coronavirus Tax Center. Subtract the amount in Step 2 from your AGI, Subtract Step 5 from Step 1. More details later. For example, if you received $700 as an individual based on your 2019 return, but when you file your 2020 tax return, it shows your income took a hit and you should have received a $1,000 stimulus check, you would receive an additional $300 credit on your 2020 return. If your bank account information changed since filing your 2019 return, you will receive your payment via a paper check. $1,200 for each taxpayer (Single/HOH = $1,200, Joint = $2,400), Determine if the credit will be phased out. Technically, the money is an advance of a refundable credit on your 2020 return. If you're required to file a tax return and haven’t filed your 2019 taxes, you may want to consider filing since you may be eligible for a tax refund. At this time, we are unsure if that will be the case for everyone who used that service. Yes, but only if you didn't file in 2018 or 2019 (or don't plan to). Source(s): https://shrink.im/a0TAu. Unfortunately, that means if your child is over the age of 17 you will not qualify for extra money. If you haven’t filed your 2019 return yet and need to refer to your 2018 AGI, check line 7 on Form 1040. Received an advance payment of the health coverage tax credit. You should receive $600 per individual, plus $600 per qualifying child, if your adjusted gross income (AGI) is below: $75,000 for individuals $112,500 for heads of household $150,000 for married, joint filers For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. You can also visit the IRS’ Coronavirus Tax Relief and Economic Impact Payments page for additional answers to your questions. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business. Note: If you are required to file your tax return, you do not need to register through the Stimulus Registration.