CARES Act and Economic Impact Payments – The Latest Answers

Personal Email ^ | 04/08/2020 | Texas Booster

[texas booster]

The IRS continues to make decisions about implementation of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and related Economic Impact Payments. Below are the latest updates about how payments will be disbursed and the timing of payments.

Stimulus Payment Timing at a Glance

Stimulus payments should start about April 15 for those that the IRS has direct deposit information on file from 2018 or 2019, or shortly after.

Paper check (mailed to address noted on return) - beginning in May, starting with lowest Adjusted Gross Income (see Timeline below)

Not Required to File – SSA-1099 and RRB-1099 Clients

Recipients of Forms SSA-1099 and RRB-1099 will automatically receive payments with no return needed.

Encourage SSA/RRB clients with spouses/dependents who file MFJ to efile so they get the full stimulus payment amount due to them. Otherwise, they will only receive $1,200. (No further details yet)

Economic Impact Payments Status Tool

The IRS has shared that by Friday, April 17, it plans to launch a "Where’s My Economic Impact Payment?" website and phone line, where clients can receive the status of their stimulus payments, and if they are set to receive a check, but would prefer direct deposit, they can input account information.

Economic Impact Payments Timeline

The IRS plans to issue approximately 60 million stimulus payment direct deposits on Wednesday, April 15, or shortly thereafter based on 2019 and 2018 tax return information.

As clients e-file additional 2019 returns, the IRS will update its files and issue payments to those clients on a weekly basis.

The IRS will begin issuing paper checks around early May. Approximately five million checks will be issued per week, beginning with the lowest Adjusted Gross Income and ending with the highest.

The IRS estimates it could take up to 20 weeks to issue all checks.

[texas booster]

Here is the latest that I received from a professional source.

Keep in mind that IRS decisions about the CARES Act, made in early April, will evaporate faster than a politicians' promise after an election.

MFJ - married filing joint

SSA - Social Security Administration

RRB - Railroad Board

[Vermont Lt]

When do the illegals get theirs? //sarcasm

[texas booster]

There is so much disinformation out in the press that I felt that I should post this.

One bit of information that may be very interesting is that if you only earn SSA income or RRB pension, that you are encouraged to efile to give the IRS updated info on your spouse.

There is no sense in mailing anything to the IRS, and certainly do not send it Signature Required. There is simply no one there to sign.

Also we know that as of Wednesday that ONLY children under 17 will get the $500 dependent stimulus. College students whose parents claim them, families that have an older child or other family members living with them, do not get the $500 stimulus check for that dependent 17 and over.

Subject to change.

[texas booster]

When do the illegals get theirs?

At the moment they do not. The Dems have floated various proposals to include noncitizens either with an ITIN or without.

We need to be on guard that the Dems do not allow noncitizens to collect the stimulus next year, should they file taxes.

[Bob434]

will disabled and retired folks get it? Those that don’;t file that are disabled or retired? There seems ot be two views on this- some say yep others nope-

[Beagle8U]

Yes, disabled and retired on SS will get it as long as you don’t make over the limit.

The check will deposited to the same account your SS check is deposited in.

[Bob434]

thank You- Will pass that info on then-

[texas booster]

Encourage SSA/RRB clients with spouses/dependents who file MFJ to efile so they get the full stimulus payment amount due to them. Otherwise, they will only receive $1,200. (No further details yet)

I included this paragraph specifically for SSA recipients. The IRS will only get banking information, not family info, from the SSA. Should a social security recipient have additional members in their households that would otherwise qualify for a stimulus bump, they are encouraged to file a zero dollar return to set the line straight.

Note that the first proposal did NOT allow for stimulus funds to be paid to someone on SSDI, that was 17 or over, and not required to file.

I suspect that no one knows if SSDI recipients will receive funds next week or not.

[novemberslady]

The IRS site still isn't working for many people

***Also NJ State Unemployment may be trying very hard,
but they're failing miserably. Please see the comments at the link below.***

Many are not receiving unemployment or the $600 payment.