As a part of the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, millions of taxpayers received a one-time payment of $1,200 to help them navigate the economic emergency caused by the spread of COVID-19. The economic impact payments, also known as stimulus checks, can be distributed in three ways: by direct deposit, by check, and by debit card. While millions of Americans have already received and processed their stimulus payments, millions of others have not. Ariva is here to make sure that you have the correct information, so we’ve outlined five potential scenarios and what you need to do to get the money you are entitled to:
1. If you already filed your taxes but have not received the economic impact payment: If you are required to file your taxes, and already filed them for the 2018 and/or 2019 fiscal years, but have not received your economic impact payment, you can go to Get My Payment to check the status of your payment. There you can verify if your payment has been processed or if the IRS needs more information to process it. The IRS application may tell you that you are receiving the payment via check, but you may receive the payment via debit card, so it is important to watch out for an envelope to arrive in the mail from the “Money Network Cardholder Services.”
2. If you filed your taxes but you did not receive a tax refund: If you did not receive a tax refund from the IRS because you owed money, it’s possible that the agency does not have your bank account information for a direct deposit. You can use the same Get My Payment portal to update your bank account information.
The economic impact payments, also known as stimulus checks, can be distributed in three ways: by direct deposit, check, and debit card.
3. If you have not filed your 2018 and 2019 taxes: Those who have not filed their 2018 and 2019 taxes should do so as soon as possible. Ariva can assist you via our tax preparation program. We can also help you set up direct deposit so that you receive your payment quicker.
4. If you receive government benefits: If you receive government benefits like Social Security Disability Insurance, Supplemental Security Income, benefits from the US Railroad Retirement Board, or Veterans benefits, you do not have to file any further paperwork. You should receive a payment from the IRS automatically.
5. If you are a non-filer: If you are a non-filer because your income is less than $12,200, you are married and your joint income is less than $24,400, or you didn’t have income, you can ensure the IRS has your information by supplying it here. To make sure you are eligible, this tool will ask for both you and your spouse’s names, along with that of your dependents (if you have any). It will also ask for your Social Security number, address, and bank account information.
Do you have questions about the economic impact payments? Contact us at 718–292–2983. We’re here to support you!