To help people cope with the impact of the coronavirus pandemic, the federal government is providing stimulus checks. These are worth up to $1,200 for individuals and $2,400 for couples. And if you have eligible dependent children, you'll get an additional $500 per qualifying child.
The amounts described above are the maximum you'll receive, and you need to make under $75,000 as a single person or $150,000 as a married joint filer to get that amount. If your income exceeds these limits, the amount of your payment drops by $5 for each $100 in additional earned income.
The IRS needs to know your income information and how many dependents you have in order to get your money to you. Most people don't have to do anything to provide these details because the IRS can get them from 2018 or 2019 tax returns.
But for some people, more information is needed. If you're one of them, you can fill out a simple form on the IRS website. You can find out below if you need to complete that form.
Do you need to do anything to get your coronavirus stimulus check?
The IRS has created an Economic Impact Payment page where you can enter information if you need to. You will need to visit this page and complete a form to get your stimulus payment if any of the following are true:
- You did not file a 2018 or 2019 tax return and are not receiving any Social Security benefits, including SSI, SSDI, survivor benefits, or retirement benefits.
- You did not file a 2018 or 2019 return and you aren't receiving railroad retirement benefits.
- You did not file a 2018 or 2019 return and you just started your Social Security or railroad retirement benefits in 2020.
- You did not file a 2018 or 2019 return, you are receiving Social Security or railroad retirement benefits, and you have a dependent.
In the first three situations, you need the form to provide the IRS with details on your income to show eligibility. In the last case, you may get a stimulus check if you don't update the IRS, but you will not get the extra $500 available per dependent unless you fill out the form to tell them.
You can also visit the Economic Impact Page to enter your bank details if the IRS does not have them on file, or to update your mailing address or bank information so your check goes to the correct place.
Take action now to provide the IRS with your information
Coronavirus stimulus checks have already started to go out. You want to make sure you get yours in a timely manner and that you receive the correct amount of money. If you haven't already and you need to, go to the IRS page today to provide your details.
While you also have the option to file a 2019 tax return to let the IRS know how much you earned, who your dependents are, and where to send your money, completing the special forms on the Economic Impact Page can be much faster and easier if you aren't otherwise required to file a return. Do it today to get your money ASAP.