We're here to help you get your stimulus check.
This guide is designed to answer all your questions about the coronavirus economic impact payments.
What is a stimulus check and will I get one?
Another round of stimulus checks (also called economic impact payments) are being issued by the federal government.
You’ll get a stimulus check if you meet these four requirements:
- You have a Social Security number.
- You are a legal U.S. resident.
- You have adjusted gross income up to $87,000 as a single tax filer or $174,000 as a married couple.
- You’re not being claimed as a dependent on someone else’s 2019 tax return.
This is the second round of federal payments. If you’re still waiting on your first payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act from March, you may still be eligible. Read more on the Internal Revenue Service (IRS) website.
If you were not required to file taxes, you’re still eligible to receive money if you fit the above criteria.
How much money will I get?
If you made less than $75,000 ($150,000 for married couples) on your 2020 tax return and were not claimed as a dependent by someone else, you’ll be eligible for $600. If you made between $75,000 and $87,000 on your most recently reported income year, you’ll receive a reduced payment.
Families with children 16 or under will receive an additional $600 for each child who qualifies.
How will I get my stimulus check and when will it arrive?
The government will send you the money via direct deposit or check based on the method you chose in your most recent tax filing. Please check the Internal Revenue Service (IRS) website frequently for updates related to the current economic stimulus payments.
Direct Deposit
Most people will receive their payment via an ACH direct deposit to the bank account where they receive their SSI, SSA, or other payments, such as a tax refund from the IRS.
Paper check
If you didn’t connect your bank account to your tax return with the IRS, you’ll receive a paper check. Checks will take much longer than direct deposit.
FAQ
How do I update my direct deposit information with the IRS?
Currently, there is no way to update your direct deposit with the IRS. During the last round of stimulus checks, the IRS had a tool to update bank account information. If they update the tool, we’ll let you know here.
What if I owe money on my most recent tax return?
The IRS will not recoup money from your stimulus payments to cover tax debt. You will receive all money you qualify for.
Can I get a stimulus check even if I haven’t filed taxes recently?
If you haven’t filed taxes recently because you made less than $12,200 or $24,400 as a married couple or your only income is social security, you will still get a stimulus check.
Is the stimulus payment considered taxable income?
No, the payment is not taxable income.
Are college students eligible for a stimulus payment?
Yes, students are eligible for stimulus payments as long as they meet the normal criteria.
Can I receive a stimulus payment if I’m on Disability/Social Security?
Yes. You’ll receive your payment through the same method you receive payment for those services.
How can I get my stimulus payment fast with Varo?
We want to help you access your payment as soon as possible. If you’re expecting a payment, we’ll post it right when we get it. As always, we don’t hold on to your deposits.
We can tell you the second it hits your account with push notifications. Turn them on in your Varo app: tap Settings, tap Manage Notifications, then set the slider to on.
If you filed your most recent tax return using your Varo Money bank account and have migrated to the Varo Bank platform, we will automatically transfer the money to your Varo Bank account when the IRS deposits the payment.
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