The Who, What And When Of The Coronavirus Stimulus Payment

Apr 15, 2020

Credit Forbes

There are guidelines on the income restrictions available at the IRS website in relation to the coronavirus stimulus checks the United States government will be sending out, but most Americans will qualify for the money.

“Payments are based on current filings, so it would be your 2019 tax year that we’re all filing right now.  The filing deadline was moved to July 15th, and one of the things that IRS is trying to push out to people is that yes, you do need to file so that we know that you’re out there, that you’re a legitimate person and that you are eligible and qualified for some of these economic impact payments," said Tyler Hatcher, Assistant Special Agent in Charge at the Criminal Investigation branch of the IRS.

“Once we talk about tax filers, it brings up two questions," Hatcher said. "Number one, is those that don’t regularly file an income tax return, be that as lower income individuals, or retired individuals, or people that don’t work. And Congress went back and fixed it to if you receive social security payments you will also not have to do anything, so those ones will be taken care of."

 

And if you don’t receive social security?

“So there’s a very very small amount of the population that will have to file a tax return [who normally don’t] and people ask the question, ‘Well if I file a tax return will I have to pay tax?’  No not necessarily. If you have the lower income limits and you don’t regularly pay tax, you still won’t pay tax. You’re simply filing an income tax return with the IRS that lets us know you’re out there and those payments are due to you," Hatcher said.

The payment system is designed to be as simple as possible.

 

“Typically the money will be deposited in the same way that your income tax refund was administered.  If there’s a need out there to change that method, there’s a link on IRS.gov on how to do that," Hatcher said.

If you have more questions about your particular situation, please visit the IRS Economic Impact Payments website.