CARES Act Update
Economic Impact Payment Information
** PLEASE NOTE: INFORMATION IS UPDATED FREQUENTLY AND SUBJECT
TO CHANGE**
Last updated: April 16, 2020 10:58 AM
On Friday, March 27, 2020 the President signed the CARES Act providing Coronavirus
relief to individuals, businesses, the health care industry, and state &
local governments.
This page will be updated
as more information is available about how the stimulus payments will be issued
to taxpayers. Visit
the IRS Coronavirus
Tax Relief page or the IRS Economic
Impact Payment Information page for the latest
information.
Answers to Common Questions
I
paid for tax preparation using Santa Barbara TPG this tax season. How will I
receive my Economic Impact Payment?
The IRS will issue direct deposits to taxpayers that requested a
direct deposit disbursement or applied for a new debit card when they prepared
their own return online. An IRS-issued check will be mailed to taxpayers that
requested a check printed from their tax professional's office, Walmart Direct2Cash or a Walmart MoneyCard issued by their
tax professional.
If a payment is returned to the IRS (Ex. bank account is closed),
the IRS will mail a check to the taxpayer.
In the rare event that payments are inadvertently sent to TPG, a
plan is in place to help identify and expedite the return of these payments to
the IRS so that the IRS can reissue payments directly to affected taxpayers as
soon as possible. If we are unable to identify the payment as an Economic
Impact Payment, the deposit will be processed as a federal refund, with all
associated fees withheld from the deposit amount.
We understand that taxpayers need their refund or EIP more than ever, so we are committed to getting money to
taxpayers as quickly and easily as possible.
What
do I need to do to receive a stimulus payment?
There is nothing to do if you filed a tax return for 2018 or 2019
or for Social Security and Railroad Retirement recipients who are not typically
required to file a tax return. If you have not filed your 2018 or 2019 return
the IRS recommends that you file back taxes
for 2018. If you are someone that doesn't normally need to file visit the IRS Non-Filers Payment Info page.
Do
taxpayers on Social Security who don't typically file a return need to file a
return?
Social Security beneficiaries who are not typically required to
file tax returns do not need to file an abbreviated tax return to receive an
Economic Impact Payment. Instead, payments will be automatically
deposited into their bank accounts.
How
much will I receive?
The amount you are eligible to receive is determined by your
Adjusted Gross Income (AGI). The IRS will look at
your 2019 return first. If you have not filed a 2019 return, the IRS will use
your 2018 AGI to determine eligibility. The
eligibility, amount and status of your stimulus payment can be found at IRS.gov/coronavirus.
The stimulus plan indicates the following maximum amounts are
available depending upon filing status and income. Qualified recipients will
also receive $500 for each qualifying dependent under age 17.
Filing Status |
AGI Amount |
Maximum stimulus amount |
Single |
$75,000 or less |
$1,200 |
Married filing joint |
$150,000 or less |
$2,400 |
Head of household |
$112,500 or less |
$1,200 |
Dependents under 17 |
N/A |
+$500 per dependent |
Stimulus payments will start to phase out for single filers making
more than $75,000, $112,500 for head of household filers and $150,000 for joint
filers. The stimulus payments will phase out entirely at $99,000 for singles,
$136,500 for head of household, and $198,000 for joint filers.
Visit the IRS Get
My Payment page for more information about the status of
payments and the date a payment is scheduled to be direct deposited or mailed
as a check.
When
will the Economic Impact Payment be issued?
The IRS has begun issuing payments to taxpayers with direct
deposits, and the lowest income (AGI) taxpayers
first. The IRS has indicated most payments will
be received by April 15. They will issue payments weekly until payments are
complete. Visit the IRS Get
My Payment page for more information.
Taxpayers who filed in 2018 or 2019 will receive payments
automatically from the IRS. The IRS indicated payments will also go in the near
future to those receiving Social Security retirement or disability benefits and
Railroad Retirement benefits.
Be
on the alert for Economic Impact Payment scams
Scammers and identity thieves are already taking the opportunity to
prey upon taxpayers with phone calls, text messages and emails. Here are some
answers to common questions related to fraud. Victims or targets of Economic
Impact Payment scams should report it immediately to the Federal Trade
Commission at www.ftc.gov/complaint.
April 2, 2020 IRS news release about Coronavirus-related
scams
Will
the IRS call me asking for my bank account information?
No, the IRS and other government agencies will never call asking
for your Social Security Number (SSN) or banking
information. Do not provide your SSN or bank account
information to anyone calling you and claiming to be from the IRS or another
government agency.
Will
the IRS text or email me asking to verify my bank account information?
No, please beware of phishing schemes from identity thieves
claiming to be the IRS or another government agency. Do not click on a link or
email if you do not recognize who it is from. The IRS will never text or email
you asking to provide your bank account information or verify your bank account
information.
Am
I required to sign up or pay a fee in order to receive an Economic Impact
Payment?
No, please beware of phishing schemes from identity thieves
claiming to be the IRS or another government agency. Taxpayers that filed their
2019 tax return are not required to sign up or pay a fee in order to receive an
Economic Impact Payment. Please visit the IRS website for more details.
Will
I be required to complete a form to qualify for an Economic Impact Payment?
Taxpayers are not required to complete a form. The IRS and Treasury
Department provided a new web tool for people that don't
normally file a tax return. These non-filers can use this IRS tool to register
for Economic Impact Payments.
This new tool is designed for people who did not file a tax return
for 2018 or 2019 and who don't receive Social Security retirement or disability
benefits or Railroad Retirement benefits. It is also for those with lower
income, veterans beneficiaries, SSI recipients, students, etc. Visit the IRS website for more details.
Will
the IRS mail me a notification?
The IRS is required to
mail a written notice to taxpayers no later than 15 days after distributing
an Economic Impact Payment. This notice to the taxpayer will indicate the
payment amount, whether the payment was mailed or direct deposited, and a phone
number to call if the taxpayer did not receive the payment. The payment should
be received before any
communication from the IRS is received by mail.
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28377