Mirada Magazine April 2020

Finance
Rocky Mengle, Tax Editor
24
When Will I Get My Stimulus Check?
The Trump administration keeps telling us that the economic
stimulus checks authorized by the Coronavirus Aid, Relief, and
Economic Security (CARES) Act will start going out by mid-
April. And now, according to The Washington Post, the IRS has
a plan to do just that. However, that doesn't mean everyone
will get paid in April. In fact, it looks like some Americans
won't get stimulus money until September.
Direct Deposit Payments to Go Out April 9
The IRS reportedly will start issuing electronic payments
through direct deposit on April 9. Those payments should
arrive in taxpayers' bank accounts by April 14.
Paper Checks Will Take Longer
If the IRS has to send you a paper check, you won't get your
payment until late April at best. And the higher your income,
the longer it will take to get your money. (For taxpayers
without children, stimulus check amounts are reduced to
zero for single taxpayers with adjusted gross income above
$99,000, head-of-household filers with AGI above $136,500,
and joint filers with AGI above $198,000.) According to
reports, here's the timetable the IRS plans to use for mailing
paper stimulus checks:
IRS Schedule For Mailing Paper Checks
Will you get an electronic payment? It depends on whether
the IRS has your bank account information. If you signed
up for direct deposit of a refund on your 2018 or 2019 tax
return, then the IRS has all the information it needs to pay you
electronically. If you haven't filed your 2019 return yet, you still
have time before the IRS starts issuing electronic payments if
you want your money as soon as possible. You might even get
a bigger stimulus check if you file your 2019 tax return now.
(On the other hand, you could get more money by waiting to
file your return--it all depends on your own situation.)
If you receive Social Security benefits and typically don't
file a tax return, the IRS will use information from your
Social Security benefits statement to calculate the stimulus
check amount. They will also send your stimulus payment
electronically if that's how you normally receive your Social
Security payments.
For other people who usually don't file a tax return, the IRS
plans to create an online portal in the next few weeks where
you can file a "simple return" to provide your bank account
information.
If a direct deposit payment is rejected (e.g., if the bank account
information is incorrect), the IRS will mail you a paper check
instead.
Taxpayer Income Date Check Mailed
If you don't want to wait this long to get a stimulus check,
file your 2019 tax return as soon as possible so that the
IRS has the information it needs to send your payment
electronically. If you otherwise aren't required to file a
return, file a "simple return" when the IRS makes them
available on its website.