COVID-19 Stimulus Checks - 5 Things You Need to Know
STIMULUS CHECKS: The stimulus checks being processed by IRS are an "advance payment" on a 2020 refundable tax credit for the COVID-19 crisis.
1. If you filed a 2018 or 2019 income tax return, and your Adjusted Gross Income is within the limits specified, then you will receive an advance payment of the refundable tax credit. If you provided bank account information on the tax return, the payment will be sent quickly by Direct Deposit. Otherwise, it will be sent by paper check in a few weeks.
2. If you were not required to file a tax return for 2018 or 2019, but receive Social Security or SSI benefits, you will receive the advance payment automatically.
3. If you qualify for the refundable tax credit, but did not file a tax return, and you do not receive Social Security or SSI benefits, you may need to apply for the payment online at IRS.gov.
4. The refundable tax credit also includes payments for your dependent children under age 17, assuming other requirements are met.
5. And, "no" this payment is not taxable to you; you do not have to pay it back; and it will not affect any tax refund you may be entitled to for 2020. This is free money provided courtesy of the United States Congress!