CARES Act Update
Economic Impact Payment Information
** PLEASE NOTE: INFORMATION IS UPDATED FREQUENTLY AND SUBJECT TO CHANGE**
Last updated: Apr. 10, 2020 9:59 am
On Friday, March 27, 2020 the President signed the CARES Act providing Coronavirus relief to individuals, businesses, the health care industry, and state & local governments.
This page will be updated as more information is available about how the stimulus payments will be issued to taxpayers. Visit the IRS Coronavirus Tax Relief page or the IRS Economic Impact Payment Information page for the latest information.
Answers to Common Questions
I paid for tax preparation using Santa Barbara TPG this tax season. How will I receive my Economic Impact Payment?
The IRS will be distributing Economic Impact Payments directly to taxpayers and TPG will not play a role in facilitating these payments. Unfortunately, TPG does not have any visibility into this information, therefore our agents cannot answer any questions regarding these payments.
The IRS will issue direct deposits to taxpayers that received a direct deposit. An IRS-issued check will be mailed to taxpayers that received a check printed from their tax professional’s office or a debit card issued through Santa Barbara TPG.
What do I need to do to receive a stimulus payment?
There is nothing to do if you filed a tax return for 2018 or 2019 or for Social Security and Railroad Retirement recipients who are not typically required to file a tax return. If you have not filed your 2018 or 2019 return the IRS recommends that you file back taxes for 2018. If you are someone that doesn’t normally need to file visit the IRS Non-Filers Payment Info page.
Do taxpayers on Social Security who don’t typically file a return need to file a return?
Social Security beneficiaries who are not typically required to file tax returns do not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.
How much will I receive?
The amount you are eligible to receive is determined by your Adjusted Gross Income (AGI). The IRS will look at your 2019 return first. If you have not filed a 2019 return, the IRS will use your 2018 AGI to determine eligibility. The eligibility, amount and status of your stimulus payment can be found at IRS.gov/coronavirus.
The stimulus plan indicates the following maximum amounts are available depending upon filing status and income. Qualified recipients will also receive $500 for each qualifying dependent under age 17.
|Single||$75,000 or less||$1,200|
|Married filing joint||$150,000 or less||$2,400|
|Head of household||$112,500 or less||$1,200|
|Dependents under 17||N/A||+$500 per dependent|
Stimulus payments will start to phase out for single filers making more than $75,000, $112,500 for head of household filers and $150,000 for joint filers. The stimulus payments will phase out entirely at $99,000 for singles, $136,500 for head of household, and $198,000 for joint filers.
By April 17 the IRS plans to release a Get My Payment tool on their website to help everyone check on the status of their payments, including the status of their payment and the date their payment is scheduled to be deposited into their bank account or mailed to them.
When will the Economic Impact Payment be issued?
The IRS plans to release payments to most people starting the week of April 12th. Taxpayers who filed in 2018 or 2019 will receive payments automatically from the IRS. The IRS indicated payments will also go in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.
Be on the alert for Economic Impact Payment scams
Scammers and identity thieves are already taking the opportunity to prey upon taxpayers with phone calls, text messages and emails. Here are some answers to common questions related to fraud. Victims or targets of Economic Impact Payment scams should report it immediately to the Federal Trade Commission at www.ftc.gov/complaint.
Will the IRS call me asking for my bank account information?
No, the IRS and other government agencies will never call asking for your Social Security Number (SSN) or banking information. Do not provide your SSN or bank account information to anyone calling you and claiming to be from the IRS or another government agency.
Will the IRS text or email me asking to verify my bank account information?
No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. Do not click on a link or email if you do not recognize who it is from. The IRS will never text or email you asking to provide your bank account information or verify your bank account information.
Am I required to sign up or pay a fee in order to receive an Economic Impact Payment?
No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. You are not required to sign up or pay a fee in order to receive an Economic Impact Payment. Please visit the IRS website for more details.
Will I be required to complete a form to qualify for an Economic Impact Payment?
Taxpayers are not required to complete a form. The IRS and Treasury Department provided a new web tool for people that don’t normally file a tax return. These non-filers can use this IRS tool to register for Economic Impact Payments.
This new tool is designed for people who did not file a tax return for 2018 or 2019 and who don’t receive Social Security retirement or disability benefits or Railroad Retirement benefits. It is also for those with lower income, veterans beneficiaries, SSI recipients, students, etc. Visit the IRS website for more details.
Will the IRS mail me a notification?
The IRS is required to mail a written notice to taxpayers no later than 15 days after distributing an Economic Impact Payment. This notice to the taxpayer will indicate the payment amount, whether the payment was mailed or direct deposited, and a phone number to call if the taxpayer did not receive the payment. The payment should be received before any communication from the IRS is received by mail.