Contributed by: Joseph Quinn, Principal
Are you still waiting for your IRS stimulus payment from the first coronavirus relief package?
Congress is currently working on a second relief package. Yet, despite their efforts, many Americans still haven’t received their first payment. Knowing some of the requirements for the IRS stimulus payment can help you determine if you qualify for coronavirus relief funds.
Who is eligible to receive a payment?
Stimulus payment qualifications and payment eligibility include:
- US citizen or US resident alien with a Social Security number (not dependent on another tax payer)
- Individuals with adjusted gross income of up to $75,000 are eligible for a payment of $1,200
- Couples with an adjusted gross income of up to $150,000 are eligible for a payment of $2,400
- For those with an adjusted gross income in excess of these amounts, the payment will be reduced by 5% accordingly
- Qualifying families with children under 17 will receive an additional $500 per child
- An individual earning more than $99,000 annually will not receive a payment
- A couple earning more than $198,000 annually with no children will not receive a payment
If you filed your 2018 and 2019 taxes, you will automatically receive payment. If you have not filed your 2019 return, but filed in 2018, the IRS will calculate your payment using the information from the 2018 tax return.
Is your address and banking information up to date?
In order to send you your payment, the IRS needs a current address or updated bank information. You can update your banking information using the app (see below). If your address is different than what is stated on your tax return(s), you need to alert the IRS by completing this form https://www.irs.gov/faqs/irs-procedures/address-changes or calling the IRS directly.
Use the app!
There are free tools to track when your payment will be coming. The IRS has a free app called Get My Payment that will advise you how much money you will receive as well as payment status. It will also alert you to problems that could potentially delay your payment. This tool is updated daily.
Because the IRS is busy processing tax returns and refunds, it is recommended that you download and use the app before calling the IRS. For more information:
If you need further assistance, please reach out to us.