This information is related to the first stimulus checks. Click here for more information on the second round of checks.

 

If you’re looking for an estimate on the amount of your second stimulus check, Kiplinger’s has a good calculator that you can use here. Click here for information on SBA loan programs.

Click here to add direct deposit info if you have filed taxes, but the IRS doesn’t have your info.

The IRS COVID-19 resource page will allow you to add direct deposit information if you are a non-filer.

FAQs:

  1. When will my check arrive?      The Treasury anticipates they will arrive in 3 weeks, possibly sooner.
  2. How will I receive my check?       The same way that you received your IRS refund. If you did not receive a refund it will be mailed to you.
  3. What year will they use?      If you have filed 2019, they will use that year. If not, they will reference your 2018 return.
  4. Do I need to do anything to receive a check?      File a 2018 or 2019 1040.
  5. What if I don’t need to file a return?     See above.
  6. Will my child receive a check?      Most likely not. Your child would need to claim themselves in order to be eligible (i.e., not be claimed by you as a dependent).
  7. Will I receive $500 for my child?      If they were 16 or under and claimed as a dependent on the return being used to calculate the check, you will receive $500 for each eligible child.
  8. What if I was eligible based on 2018, but not based on 2019?      If you haven’t filed for 2019, hold off for now. If you have filed for 2019, you are not eligible.
  9. Can I un-file or rescind my 2019 return?      No, but if you need to legitimately amend the return, you may do so.
  10. Is the amount based on AGI, MAGI, taxable income, etc.?      It is based off your Adjusted Gross Income.
  11. Is the stimulus check taxable?      No, but if your 2020 income is higher than your 2018 or 2019 income, you may be required to pay back a portion of the stimulus check with your 2020 taxes.
  12. If my only income is Social Security, will I get a check?      Yes. As long as your income is below the threshold levels.
  13. What if I’m unemployed?      Yes.
  14. What if I’m self-employed?      Yes.
  15. What if I live overseas?      Yes.
  16. Do I have to repay it? No. The check is a new credit for 2020. You are receiving it now instead of on your 2020 return.
  17. What if I qualify based on my 2020 income? You will receive it as a credit on your 2020 1040.
CARES Act COVID-19 stimulus stimulus check