Stimulus Check Overview & Information
/(Originally Emailed: April 17, 2020)
Dear Clients:
Please use the link below to navigate to the Stimulus Check Calculator (Please note: You will need to scroll down the screen a bit to get to the actual calculator portion):
https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/
If you have NOT filed your Year 2019 Individual Tax Return, then the IRS will use your Year 2018 Adjusted Gross Income “AGI” to calculate your stimulus check amount.
AGI: Year 2018 Individual Tax Return can be found on Line 7 – front page of Form 1040
AGI: Year 2019 Individual Tax Return can be found on Line 8b – front page of Form 1040
On your last filed Individual Tax Return (either Year 2018 or Year 2019), if you had your bank account information AND you received a direct deposit REFUND, then your stimulus check should be paid via direct deposit into that same bank account.
On your last filed Individual Tax Return (either Year 2018 or Year 2019), if you had your bank account information AND you owed money, then the IRS will NOT use that bank account for a direct deposit of your stimulus check.
If this pertains to you or you did not have a bank account listed on your tax return or if your bank account has been closed AND you would like your stimulus check to be directly deposited into a bank account, then follow this link to update your bank account information.
Click on 'Get My Payment' and follow the prompt: https://www.irs.gov/coronavirus/economic-impact-payments
NOTE:
Married Filing Jointly taxpayers must use a Joint Bank Account
You may not use a Corporate Bank Account to get a personal direct deposit
Many taxpayer are receiving error messages that read: ‘No Information on File,’ ‘No Payment Status Available,’ or ‘Status Not Available.' We believe this could be due to the fact that your bank account is linked to only paying in taxes and not receiving refunds.
If your stimulus check is based on Year 2018 and you would have received a higher amount if you had filed your Year 2019 return, then dollar amounts will get reconciled on your Year 2020 tax return.
The stimulus check is a refundable tax credit that taxpayers would have received on their 2020 Individual Tax Return; to stimulate the economy, taxpayers are being issued the tax credit in the form of a check (money) now.
Paper stimulus checks are taking much longer to receive:
Taxpayer AGI | Date Check Mailed
$0 to $10,000 April 24th
$10,001 to $20,000 May 1st
$20,001 to $30,000 May 8th
$30,001 to $40,000 May 15th
$40,001 to $50,000 May 22nd
$50,001 to $60,000 May 29th
$60,001 to $70,000 June 5th
$70,001 to $80,000 June 12th
$80,001 to $90,000 June 19th
$90,001 to $100,000 June 26th
$100,001 to $110,000 July 3rd
$110,001 to $120,000 July 10th
$120,001 to $130,000 July 17th
$130,001 to $140,000 July 24th
$140,001 to $150,000 July 31st
$150,001 to $160,000 August 7th
$160,001 to $170,000 August 14th
$170,001 to $180,000 August 21st
$180,001 to $190,000 August 28th
$190,001 to $200,000 September 4th
All Others September 11th
Get My Payment FAQs:
https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions#payment
NOTE: There is a fair amount of fraud occurring. Please make certain to only put your bank account information directly on the link on the IRS website. If you are not comfortable doing this, then we recommend that you wait to receive a paper check in the mail.
The Paycheck Protection Program is out of money (as of the original date of this writing: April 17, 2020).
On Thursday, the SBA announced that it had exhausted the programs allocated funds. For those taxpayers who received a loan number, you should still receive your funds from the first round of funding.
For taxpayers who applied but have not heard back from their bank or lender, then you are in line if Congress signs off on additional funding.
For additional sources of accurate information and for 'Plan B,' here are some links that are very informative:
www.inc.com - Pre-Recorded National Small Business Town Hall meetings