In response to the outbreak and related financial impact, the $2 trillion Coronavirus Aid, Relief & Economic Securities Act (CARES ACT) was signed into law on Friday, March 27, 2020. The goal of this act is to provide financial relief for individuals, families and small businesses from the effects of the economic slowdown.
We’ll address your frequently asked questions below, targeting the benefits potentially most relevant to you.
NEW — Check on the status of your stimulus payment:
- Visit this page of the IRS website: https://www.irs.gov/coronavirus/get-my-payment
- Click the blue “Get My Payment” button
You should be able to:
- Check your payment status
- Confirm your payment type: direct deposit or check
- Enter your bank account information for direct deposit if we don’t have your direct deposit information and we haven’t sent your payment yet
- Trailhead’s Routing Number is:
Will I get a check?
As long as you’re a U.S. resident with a work-eligible social security number and meet the income requirements, you’ll receive payment.
How much money will I get?
If you make less than $75,000 a year (or $150,000 for married couples), you’ll receive $1,200 (or $2,400 for married couples filing jointly) — and another $500 per child under 17. Aid amounts will be based on adjusted gross income reported on 2018 tax returns, or 2019 taxes if you’ve already been filed.
Check amounts will begin to phase out for individuals whose income exceeds the $75,000 (or $150,000 for married couples) threshold. The amount is reduced by $5 for every $100 of the taxpayer’s income that exceeds the phase-out threshold, and is completely eliminated for single filers with incomes over $99,000, $146,500 for head of household filers with one child, or joint filers with incomes over $198,000 with no children.
Use this calculator to estimate how much you might receive.
Will the check be sent through the mail or direct deposit?
That depends. Have you received direct deposit tax refunds in the past? If you’ve already provided your bank account information to the IRS for tax refund purposes, the payment will go straight to your bank account. If not, there’s still time to register your 2019 tax refund for direct deposit. Otherwise, you will receive your check in the mail.
When will I get my check?
Direct deposits will begin over a three week period starting April 13. If the IRS doesn’t have your direct deposit info, you may have to wait for a printed check. Paper checks will be issued starting May 4. It may take up to 20 weeks for printed checks.
Do I have to fill out anything to get the check?
You already did. The IRS will base your payment on the information listed on your 2018 tax return (or 2019 return if you’ve filed it already). As long as you’ve filed taxes within the last two years and your information is up to date, there’s no need to do anything at all.
How does this affect my 2019 tax refund?
The stimulus payment will not affect your refund for the 2019 tax year in any way.
Can I still take advantage of the extended tax deadline?
Absolutely. If you’ve decided to wait until the extended tax deadline (July 15) to submit your 2019 taxes, the IRS will reference your 2018 tax return to determine your tax stimulus eligibility and how much to send you.
Will I be taxed for this later?
No. This is not taxable income. Technically, it’s just an advanced payment of a tax credit for the 2020 tax year.
Will college students living at home get a check?
If a young adult has been claimed as a dependent on tax returns from the last two years, they will not receive a check.
Will senior citizens get checks?
Retired seniors will receive checks as long as they fall within the income parameters and are not listed as dependents on someone else’s return.
What if my check never arrives?
If you qualify for payment, you will receive a notice in the mail with information about where and when the government will send your check. Hold on to that notice. It will have information on it regarding how to contact the IRS in case your payment never arrives.
What if I moved recently?
If you’ve changed addresses since your last tax return, submit a change of address form as soon as you can. Even if you’re receiving your payment through direct deposit, the Treasury will send the payment notice to your last known address.