Stimulus Payments Explained

As new information surrounding the federal stimulus payments is available, the I.R.S. website is posting regular updates and is a great resource. Based on the current information available, here are some facts about stimulus payments as of April 10, 2020.

  • What amount will be paid?

    Single taxpayers making $75,000 or less, will get $1,200.

    $500 will be paid in addition for every qualifying child age 16 or under.

    Married couples with no children earning $150,000 or less will receive a total of $2,400.

    See the FAQs below for more details.

  • When will checks arrive?

    The first batch of stimulus payments will be posting effective April 15. After this initial batch, the Treasury will continue to issue the payments every Friday. If you’ve filed taxes electronically and the IRS has your direct deposit info, you could receive their payments as early as April 15.

    If the IRS doesn’t have your direct deposit info, you may have to wait for a printed check.

    Paper checks will be issued starting May 4. It may take up to 20 weeks for printed checks.

  • Help available now.

    Those financially impacted by COVID-19 can Apply for an EMERGENCY LOAN for up to $2,500. Please specify “COVID-19 loan request” in the application.

    Members with existing loans may be eligible to skip their next payment by calling (406) 523-3365.

    Please see our COVID-19 Resources page for a full list of Clearwater and community resources available.

Stimulus Payment FAQs

Most adults will get a one-time payment of $1,200, although some would get less depending on their annual income reported to the IRS.

  • Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount of $1,200.
  • For every qualifying child age 16 or under, the payment will be an additional $500.
  • Married couples with no children earning $150,000 or less will receive a total of $2,400.
  • Taxpayers filing as head of household will get the full payment if they earned $112,500 or less.
  • The payment amount decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000.
  • A family with two children will no longer be eligible for any payments if its income surpassed $218,000.
  • You can’t get a payment if someone claims you as a dependent, even if you’re an adult.
  • In any given family and in most instances, everyone must have a valid Social Security number in order to be eligible.
  • There is an exception for members of the military.

You can find your adjusted gross income on Line 8b of the 2019 1040 federal tax return.

For taxpayers who have previously filed electronically and for whom the IRS has their direct deposit information, it is estimated that between 50 million to 70 million Americans will receive their payments as early as April 15.  The Treasury will continue to issue the payments every Friday following the initial batch on April 15.

People who haven’t provided their direct-deposit information to the IRS previously will likely face a longer wait, with paper checks slated to start being issued the week of May 4.

Printed checks will be issued at a rate of about 5 million per week, which means it could take up to 20 weeks to get all printed checks out. This means that some checks could be delayed until August or September.

Printed Checks will be prioritized and mailed by income level, with the lowest-income Americans receiving their checks the earliest

  • Individual taxpayers who earn less than $10,000 would have their checks mailed on April 24,
  • Those earning $20,000 or less would have their checks in the mail the following week, May 1.
  • That would continue week by week through early September until completed.

The I.R.S. has now launched Get My Payment. The Get My Payment portal will allow people to:

  • See the status of their payment.
  • The date their check will be deposited or mailed.
  • Provide their bank account information so they can receive their payment quicker rather than wait for a paper check.

2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income to see what an employer reported to the I.R.S.

Will most people receiving Social Security retirement and disability payments each month also get a stimulus payment?

Yes.

Will eligible unemployed people get these stimulus payments?

Yes.

Will eligible veterans get these stimulus payments?

Yes.

Will U.S. citizens living abroad get a payment?

Yes, as long as they meet the income requirements and have a Social Security number.

Do College Students Get anything?

Not if they are currently being claimed as a dependent on anyone’s tax return. Typically, college students are considered dependents until age 24 unless otherwise stipulated on financial aid paperwork or other documents. College students should review their FAFSA paperwork if they have questions about stimulus payment reliability.

No. If you typically file taxes, the I.R.S. already has your bank account information from your 2019 or 2018 returns, it will transfer the money to you via direct deposit based on the recent income-tax figures it has on file.

But, if you typically DO NOT FILE TAXES, the I.R.S. launched a web tool for non-filers to register for their stimulus payment.

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, disability benefits, Railroad Retirement benefits, are low income, veterans, and other qualified groups.

Click here for the I.R.S. web tool for non-filers.

The plan does not help people whose income in 2018 or 2019 exceeds the limit set but the CARES Act.

However, you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn.

And there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small business owners.

You can visit our COVID-19 Resources page to learn more about Clearwater assistance options and community resources.

Just one as of April 1, 2020.

The I.R.S. has now launched Get My Payment. The Get My Payment portal will allow people to:

  • Provide their bank account information so they can receive their payment quicker rather than wait for a paper check. NOTE: The add bank account feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.
  • See the status of their payment.
  • The date their check will be deposited or mailed.

It might. On March 30th the I.R.S. recommended that people who typically do not file a tax return will need to file a simple tax return in order to receive an economic impact payment. Included among those are many low-income taxpayers, veterans, and individuals with disabilities.

On April 9th, the I.R.S. launched a web tool for non-filers to register for their stimulus payment.

The I.R.S. issued an assurance these individuals will not end up owing taxes because they are filing a tax return now to make it easier to receive their one-time stimulus payment.

For people in this situation, the I.R.S. coronavirus information page should have information available soon about how to file a return with “simple, but necessary” information, including direct deposit information.

If you’re worried about money that you already owe for this tax year that you cannot pay, the I.R.S. recommends consulting a tax professional who can help you request an alternative payment plan or alternative resolution.

You may also be able to apply online for an I.R.S. tax payment plan in the event you owe taxes you are unable to pay at the moment.

No.

According to the CARES Act, you will get a paper notice in the mail no later than a few weeks after your payment has been disbursed. That notice will contain information about where the payment ended up and in what form it was made.

If you can’t locate your payment after receiving your printed payment notice, it recommended that you contact the I.R.S. using the information on the notice.

The I.R.S. has now launched Get My Payment. The Get My Payment portal will allow people to:

  • See the status of their payment.
  • The date their check will be deposited or mailed.
  • Provide their bank account information so they can receive their payment quicker rather than wait for a paper check. NOTE: The add bank account feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.

No. In fact, the bill temporarily suspends nearly all efforts to garnish tax refunds to repay debts, including those to the I.R.S. itself. But this waiver may not apply to people who are behind on child support.

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Visit the  SBA website to learn more about COVID-19 Relief for small businesses and non-profits.

You can also visit our PPP information page and submit your application to our Business Lending Team.

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Learn more about what steps we’re taking to serve you and what community resources are available to help during this difficult time.