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Want direct deposit of the coronavirus stimulus payment? Go here on the IRS site

By on April 15, 2020

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Launched this morning, the IRS has a new section of the IRS.gov site called Get My Payment that lets you check on the status of your stimulus payment as well as enter direct deposit banking info to receive your payment electronically rather than waiting until May (or possibly longer) for a physical check.

You will need your tax information from your most recent filing, either 2018 or 2019. To start, the site will need to verify your identity via your social security number, birth date, and current address.

After the initial verification, the secondary verification will require you to input your adjusted gross income (from your most recent tax return) as well as the amount of money you received as a refund or had to pay. Below that, you input your savings or checking routing / account number for direct deposit.

After that information has been processed (24 hours), you can log back into the site in order to check when payment will be issued into your account. If you did not file taxes in 2018 or 2019, you are still likely eligible for the stimulus payment. Just go to the Non-filers Payment Info page to enter your details.

Who is Eligible?

Payments of $1,200 will be issued to individuals or head of household tax filers; $2,400 for married filing jointly. This is limited to adjusted gross income up to:

  • $75,000 for individuals
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

If you make more than those limits, you may receive a reduced payment ($5 less for every $100 in AGI you are over the limit)

  • $75,000 and $99,000 if their filing status was single or married filing separately
  • 112,500 and $136,500 for head of household
  • $150,000 and $198,000 if their filing status was married filing jointly

For instance, if you make $85,000 as an individual, you are $10,000 over the AGI limit. Your payment would be $1,200 – (10,000 / 100 * $5) = $700.

Who isn’t eligible?

If you income is above these limits, you won’t receive anything.

  • $99,000 if your filing status was single or married filing separately
  • $136,500 for head of household
  • $198,000 if your filing status was married filing jointly

If you are claimed as a dependent on someone else’s taxes (college students, seniors living with their adult children), you won’t receive anything. If you don’t have a valid social security number, you won’t receive anything. If you are a nonresident alien, you won’t receive anything.

What about kids?

If you have children and you claimed them as dependents on your last tax filing, you will receive an additional $500 per child, assuming they are age 16 or younger. Payments for children are also subject to the same income level requirements as listed above.

If you are behind on child support payments, be aware that you either won’t receive a stimulus payment or it will be reduced in order to cover delinquent child support payments.

Do I have to pay this money back?

No. The stimulus payment will not be taxed (you won’t be claiming it on your 2020 tax return) and it does not need to be paid back to the federal government.

About Mike Flacy

Editor-in-Chief for The CheckOut. During my free time, I love to write about pop culture, home theater, digital photography, social media, mobile technology and cool gadgets!

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