Stimulus Payments Rolling Out: Check your status here!
Renters often feel a lack of control over their living situation. Now COVID-19 brings on a new layer of life and income uncertainty making this feeling worse. With rent coming due, renters are asking what options do they have? While as a renter you can’t call your bank and ask for mortgage relief, there are still many things you can do and new protections to be aware of.
Check the status of your stimulus payment.
Whose Eligible?
Wondering if you’re waiting for nothing? Here are details for who qualifies for these checks and how much you can expect to get.
- Direct non-taxable payments of up to $1,200 per individual ($2,400 for married couples) and $500 per child under the age of 17. Yes it’s tax free money.
- The full amount is available for any individual making less than $75,000 ($150,000 for married couples)
- The stimulus amount will gradually phase out for individuals making between $75,001 – $99,000. Your stimulus check will decrease $5 per every $100 an individual makes over $75,000. An individual with an income of $85,000, for example, would receive a $700 payment.
- This stimulus check will not be available for individuals who made over $99,000 ($198,000 for married couples).
- Your income is based on your adjusted gross income (AGI). Your AGI is the part of your income that is the taxable part of your income (after pre-tax deductions). This can be found on line 7 of your 2018 return or line 8b of your 2019 tax return.
- If you did not file a tax return in 2018 or 2019 you can still qualify. You will need to complete a separate online form in order to receive this stimulus payment.
- Individuals must also have a Social Security number to qualify for a direct payment.
- Unfortunately, adults who are claimed as dependents by other adults, including many college students, will not be eligible for a direct payment.
How to obtain a direct deposit payment?
- If you filed a tax return in 2018 and 2019, and included your direct deposit information in these filings, the payment will be automatically deposited by the IRS. There is nothing to do. You can check the status of your stimulus check and the direct deposit account information here
- If you filed a tax return in 2018 or 2019, but did not include direct deposit information in those filings, the IRS has a tool where you can submit your banking details to expedite your payment.Those without bank information on file with the IRS who do not fill out this form can expect to receive payments in the mail later in May.
- For those who have not filed 2018 or 2019 tax returns and who receive Social Security or other benefits, where there is no need to file, the IRS will use the information in existing files to send the payment.
- If you did not file a 2018 or 2019 tax return because your AGI is below the $12,200 threshold or for other reasons that mean you’re not required to file taxes, the IRS now provides an online form so you can still receive these payments. That form can be accessed through this link
Watch out for fraud and identity theft!
- The IRS will deposit your check into the bank account you previously used on your tax return (or they will send you a paper check). This account information can be found using this IRS link.
- The IRS will NOT call you or ask you to verify any information about your payment details. Do not give your bank account information to anyone asking for it. This is a scam and most likely identity theft.
- If you receive a call asking for your personal information, hang up! If you receive an email or text asking for your banking information, delete it. Don’t engage.
- If you received a stimulus check in the mail within April it’s most likely fraud. Paper stimulus checks are not expected to go out for a few more weeks – so you’ll most likely receive it in May. If you receive a check in the mail that asks you to verify any personal information – it’s fraud.
I hope these stimulus checks find each of you and that they provide some financial relief during these uncertain and difficult times.
If I can be helpful, I am still offering complimentary 30 minute coaching sessions through April 2020. Just use this link to book. If you need more time together you can also book that through this same link, my standard hourly rate applies.
Stay safe and kind to each other
~ Tiffany Groode, Financial Coach
