Good NestingIf you haven’t watched the news much over the past several months, the government passed two rounds of stimulus checks or Economic Impact Payments.
While they don’t equal a huge amount of money, they could help you buy groceries, pay some bills, or begin building your emergency fund.
If you were eligible for these stimulus checks, you should have received those payments by now via direct deposit to a bank account or by mail in the form of a check or prepaid debit card. The direct deposit will go to the same bank account you used to receive Social Security or other federal benefits or your last tax refund.
If some of your stimulus payments are still missing, you’ll need to file a 2020 tax return. This is true even if you do not usually file returns, as you’ll need to do so to receive the stimulus money.
Those are the basics regarding the Economic Impact Payments. Let’s now dive into some of the details.
Eligibility
First, let’s discuss who is not eligible for a stimulus check, so you don’t expect a payment that will never come. You will not be eligible if you are a nonresident alien, do not have a Social Security number that’s valid for employment, or can be claimed as a dependent on another person’s tax return.
Who is eligible then? Non-dependents who are U.S. citizens and resident aliens that meet the following income requirements:
- Individuals who earn less than $75,000 in adjusted gross income.
- Head of household filers with less than $112,500 in income.
- Married couples filing jointly with less than $150,000 in income.
If you make more than those amounts, you can earn a smaller payment as long as your income is below:
- $99,000 for individuals.
- $136,500 for heads of households.
- $198,000 for married couples.
What to Do if You Haven’t Received Your Stimulus Payment
If you pass the eligibility requirements but haven’t received your stimulus payment or the amount was incorrect, file your 2020 tax return. You can do so for free through MyFreeTaxes.
As for the amounts, the first Economic Impact Payment was accepted in March of last year. It authorized payments of $1,200 per eligible adult and $500 per dependent child.
The second stimulus payment was authorized in December of last year. It was lowered to $600 per eligible adult and $600 per dependent child.
For further assistance with receiving your stimulus checks, contact one of the following:
- 211 Economic Impact Payment Helpline – 844-322-3639
- IRS-certified volunteers by clicking here.
Watch Out for Stimulus Check Scams
As expected, there are several stimulus check scams where con artists are trying to steal people’s information or money. Some claim to be from the United Way, while others are from scammers pretending to be the IRS.
Know that the United Way or IRS will not contact you via social media, text, email, or phone requesting personal information verification. If someone does contact you saying they need your information to speed up a stimulus payment, ignore or block them immediately.
The IRS will not contact you via social media, text message, or email. If you get a call from someone claiming to be from the agency, hang up and call the IRS at 800-829-1040 for confirmation.
