As you no doubt have heard, the US government is providing economic stimulus payments to US taxpayers to help alleviate the effects of the Covid-19 pandemic.
The IRS has been tasked with administering these payments which are paid to US taxpayers (with a social security number) via direct deposit or check. Expats (US taxpayers residing overseas) do qualify for these payments if they meet the eligibility thresholds, read on for more information.
Economic Impact Payments
US taxpayers that have filed a 2018 or 2019 tax return will receive an Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they have a work-eligible Social Security number with adjusted gross income up to:
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$75,000 for individuals
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$112,500 for head of household filers and
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$150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their AGI is between:
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$75,000 and $99,000 if their filing status was single or married filing separately
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112,500 and $136,500 for head of household
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$150,000 and $198,000 if their filing status was married filing jointly
The amount of the reduced payment will be based upon the taxpayers' specific adjusted gross income. Click here for more information about how the payments are reduced.
Get My Payment Web Application
If you filed a 2018 or 2019 tax return and it has been processed, you can go to https://www.irs.gov/coronavirus/get-my-payment the check the status of your economic impact payment. You will need to verify your identity by answering a few security questions (have your most recently filed return handy). After you login you will receive one of three messages:
1. Payment Status (one of two statuses) –
a) A payment has been processed, a payment date is available, and payment is to be sent either by direct deposit or mail.
b) You are eligible, but a payment has not been processed and a payment date is not available.
2. Need More Information – You are eligible for a payment, but the IRS does not have your direct deposit information. You will be given the opportunity to provide your bank information. Direct Deposit is the fastest way to get your payment.
3. Payment Status Not Available – This means the IRS cannot determine your eligibility for a payment at this time. For example, you didn’t file either a 2018 or 2019 tax return, or you recently filed and the return has not been fully processed.
Only if you receive the second message (Need More Information), will you be able to add your bank details for direct deposit of the payment.
You cannot update direct deposit bank account information after an Economic Impact Payment has been scheduled for delivery. To help protect against potential fraud, the IRS also does not allow people to change direct deposit bank account information already on file with the IRS. However, people who did not use direct deposit on their last tax return to receive a refund, or when their direct deposit information was inaccurate and resulted in a refund check, will be able to provide that information and speed their payment with a deposit into their bank account.
If you receive the third message, you may check back after 24 hours. This IRS will update the page once a day. Please note that many of our clients are receiving this message and it is not clear at the current stage whether or not the system will be updated, or if the 2019 is required to clear this status. As of the time of this writing, the IRS is not providing any additional information.
Finally, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment.
For inquiries, write to us at: [email protected]
