Who will get a payment? How much should you expect?
To qualify for a payment:
Single filers who earn less than $75,000 a year, will get up to $1,200, plus up to $500 for each qualifying child they claim as a dependent. If you earn $75,000-$99,000, you’ll receive a smaller amount, depending on your earnings.
Joint filers who earn less than $150,000 a year, will get up to $2,400, plus up to $500 for each qualifying child they claim as a dependent. If you earn between $150,000-$198,000, you’ll qualify for a partial payment.
What if you don’t usually file taxes or you haven’t filed your 2019 taxes yet?
If you’re a senior citizen, receive Social Security benefits or are a railroad retiree, and don’t usually have to file a tax return, you could still qualify to get a payment. Go to the IRS website for everything you need to know about eligibility.
Need to file but haven’t done it yet? With the recent tax extension, you now have until July 15 to file. The IRS will look at the information you filed for 2018. If your 2018 tax return, disqualifies you, then file your 2019 right away as you may qualify that way. Contact us we will get you filed right away.
Do you need to do anything to get your CARES Act payment?
No. There isn’t an application process and if you qualify, your payment will be sent to you automatically.
How will you be paid?
This depends on how you usually get your tax refunds.
You should get a faster CARES Act payment if the IRS has this info. The IRS will be setting up a portal in the coming weeks. Check this page on the IRS website for updates.
When will your money arrive?
The IRS reports it has started sending out its first direct payments this week. The first payments will go to Americans who have their direct deposit information on file with the IRS.
You may start to see funds from the CARES Act as “pending” underneath a future date when checking your account in online or mobile banking. Most banks will not have the funds from the Federal Government until that date, so it is likely they can’t deposit the funds before then.
Paper checks will start to go out at the beginning of May and could take up to 20 weeks for all the checks to be sent.
Expecting a direct deposit and want to know when it’s arrived?
Just log into your financial institution's account or mobile app. Your deposit will show up here as soon as they receive it.
And if you have a question that isn’t answered leave a comment below.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.