This guide is designed to answer all your questions about the coronavirus economic impact payments.
Stimulus checks (also called economic impact payments) are payments issued by the federal government under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help people struggling from the financial impact COVID-19 (2019 novel coronavirus).
You’ll get a stimulus check if you meet these four requirements:
If you were not required to file taxes, you’re still eligible to receive money if you fit the above criteria. Non-filers can enter payment info here.
If your adjusted gross income was up to $75,000 ($150,000 for married couples) on your 2019 tax return (or 2018 tax return if you haven’t filed for 2019) and were not claimed as a dependent by someone else, you’ll be eligible for $1,200. If you made above $75,000 up to $99,000 on your most recently reported income year, you’ll receive a reduced payment.
Families with children 16 or under will receive an additional $500 for each child who qualifies.
If you’re not sure how much you’re eligible for, use this calculator to determine how much you could receive.
The government will send you the payments via direct deposit or check based on the method you chose in your 2018 or 2019 tax filing. Please see the Internal Revenue Service (IRS) website for more information.
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. If you’re all set up and still haven’t received your payment, you can check the status of your money here.
If you didn’t connect your bank account to your tax return with the IRS, you’ll receive a paper check.
As of April 13, eligible people have already started receiving direct deposit payments. Checks will take much longer. If you haven’t already filed your 2019 tax return, Varo recommends linking your bank account for direct deposit to receive your payment faster than a paper check.
How do I update my direct deposit information with the IRS?
If you’re not already set up for direct deposit with the IRS, you can add your information on their website here.
What if I already filed my 2019 taxes and owe money?
Even if you owe money after filing your 2019 taxes, the IRS will not recoup money from your stimulus payment for taxes you owe. You will receive all the money you’re eligible 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 per year (or $24,400 as a married couple), you will still get a stimulus check. You can submit your information to receive your payment here.
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.
Applying won’t impact your credit score.
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*Early access to direct deposit funds depends on timing of payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
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