With the Economic Impact Payment going out to millions of Americans this week, many of you no doubt have questions about how and when you will receive your stimulus check from the IRS.
Today at 11 a.m. on the News 5 Cleveland Facebook page, News 5’s Sarah Buduson talked with local accountant Michael Issa about the stimulus checks, who answered your questions live.
Watch a recording of the livestream below:
Here are some other questions and answers about the checks:
Where’s my money?
The IRS has launched a website that allows Americans to track the status of their stimulus checks.
The IRS "Get My Payment"website tells users when they can expect their $1,200 coronavirus stimulus check, and whether the agency needs more information before they send the check along.
The website also tells users if their check has been delivered, and to which bank account it was sent.
In order to use the website, users may need their 2019 tax return, if filed, and their 2018 tax return. Users will also need to enter a Social Security Number, their date of birth, their address and ZIP code to use the website.
Seriously, where’s my money?
Seriously, check this page. It is likely under heavy load as millions of Americans are checking the status of their payment this week, and you may need some patience to access it.
How much money will I be getting?
The following people are eligible for stimulus cash from the federal government.
$2,400 – Couples earning less than $150,000 a year (couples earning $150,000 - $198,000 will receive a prorated check).
$1,200 – Individuals earning less than $75,000 a year (individuals earning $75,000 - $99,000 will receive a prorated check).
$500 - Each dependent child age 16 or under as of Dec. 31, 2019 (for qualifying individuals and couples).
Do I have to pay this money back?
Social media posts claiming you will have to pay back this money next year are untrue.
“This is not an advance and there is absolutely no obligation to pay it back,” Treasury spokeswoman Patricia McLaughlin said in an email to the Associated Press. Read more here.
I didn’t file taxes this year or last. How can I get my money?
If your gross income was under $12,200 in 2018 or 2019, or $24,400 for married couples, or if you weren’t required to file a federal income tax return for 2018 or 2019, you can enter your payment information here.
I filed but didn’t receive a refund or set up direct deposit. How can I get my money?
If you filed but didn’t get a refund, or didn’t get up direct deposit with the IRS, you can check the status of your stimulus check and enter direct deposit information here.
I receive Social Security, survivor or disability benefits. Do I get the money?
Yes, the IRS says if you receive those benefits, they already have your information and you will receive $1,200. However, if you have qualifying dependent child under 17, you can claim your $500 payment by filling out your information here.
I want to receive a physical check – when will that happen?
For those who do not have direct deposit set up and want to receive their money the old fashioned way, White House Treasury Secretary Steven Mnuchin said last week that he is committing to releasing the first stimulus checks that Congress approved last week within the next two weeks. However, Mnuchin wouldn't put a timeline of when those who are slated to receive a paper check will get a check. Reports surfaced on Thursday that the last of the paper checks could take up to 20 weeks. Read more here.
What if I owe back child support or back taxes?
Government officials confirmed nothing will be taken out of stimulus checks for unpaid taxes or other government liens.
However, the Wall Street Journal says back child support will likely be taken out of checks.
What if some of your income is unreported cash?
That should not affect the checks, as they are based on the last tax return a person has filed.
I have more questions.
Well, that's not a question, but watch our Q&A with local accountant Michael Issa - he may have addressed the issue you need to know about.
Here are some other resources on our website and IRS.gov:
Stimulus check FAQs: Will you qualify for a $1,200 COVID-19 stimulus check?
