In March 2020, the President signed the historic CARES Act to deliver much-needed help to Americans across the country. One of the biggest aspects of the legislation was to deliver stimulus checks to the majority of Americans as fast as possible.This has meant the IRS has needed to find ways to get money out quickly. And while some Americans will automatically receive a direct deposit or check in the mail (and some already started receiving it last week), millions of Americans won’t get their money unless they take some action.If you want to make sure you get your coronavirus stimulus check as fast as possible, here’s what you need to do. We’ve partnered with H&R Block, one of our top picks for tax software, to help you understand if you’re eligible for a stimulus check, how much of a stimulus check you’ll receive, and what steps you need to take to get your check as quickly as possible.Let’s dive in!
The requirements to get a stimulus check can be a little confusing, so here’s what you need to know.There are multiple requirements to get a check:
The first payments went out last week, the IRS estimates that it can take up to 20 weeks for every eligible taxpayer to receive their payment.Individuals who filed a return and opted for direct deposit will receive their stimulus checks the fastest, so if you haven’t filed yet, now’s the time to do so.
The stimulus check amount is as follows:
The benefit would start to phase out at a rate of $5 for every additional $100 in income. The benefit phaseout starts at:
The stimulus checks completely phase out at $99,000 for singles and $198,000 for couples (with no children).Check out H&R Block’s stimulus calculator here to see how much your stimulus check will be:
If you’re required to file a tax return for 2018 or 2019, the best way to ensure that you get your stimulus check quickly is to file your return, and ensure you have accurate direct deposit information on your return.H&R Block Free Online Tax Filing is our pick for the most robust free file tax filing option. They support more forms and options compared to other tax filing software companies, and they have a ton of help and support if you need it.Plus, for those who simply need to file a “simple return” (more to come below), H&R Block has transformed their free file process to make it easier than ever to file.Don’t wait to file your taxes! Don’t miss out on your payment or wait months for a stimulus check!
If you receive Social Security retirement benefits and you’re not required to file a tax return, you DO NOT need to file a return to claim your stimulus check in most circumstances.The IRS will simply use the information on Form SSA-1099 or Form RRB-1099 to generate a stimulus check to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. The only exception may be for those who receive these benefits but do have an eligible child they need to claim. In that case, you should consider filing a return so that you receive a stimulus check for a qualifying child. This is a rare exception, but one you need to know about. You can use H&R Block Free Online Tax Filing to file a simple return and not miss out.
If you receive Social Security Disability Insurance (SSDI) and you’re not required to file a tax return, you DO NOT need to file a return to claim your stimulus check in most circumstances.The IRS will simply use the information on Form SSA-1099 to generate a stimulus check to recipients of benefits reflected in the Form SSA-1099.The only exception may be for those who receive these benefits but do have an eligible child they need to claim. In that case, you should consider filing a return so that you receive a stimulus check for a qualifying child. You can use H&R Block Free Online Tax Filing to file a simple return and not miss out.
If you receive Supplemental Security Income (SSI) or Veterans Benefits (VA) and are not normally required to file a tax return, the IRS announced that you would receive your benefits automatically – likely in early May.However, if you have qualifying dependents, you’d need to file a tax return to get a check for them.This tax return won’t impact your benefit eligibility, and won’t create any tax burden for you. It’s simply a tool to allow the IRS to obtain your income information and get you your stimulus check as quickly as possible.H&R Block has made the process of filing a simple tax return easy with its Free Online Tax Filing.Simply log in to H&R Block Free Online Tax Filing, enter your personal information. The process takes about 5 to 10 minutes to complete a simple return.
If you’ve already filed your 2019 taxes, but you’ve moved or your information has changed, you can also update your information at the IRS.The IRS has an Update My Information tool that allows you to update your address. This is important because, beyond the stimulus check, you want to make sure that the IRS can send you any important notices or letters you may need to know about.Get started here: IRS Update My Information.
It’s a challenging time for many of us, and this stimulus check is a great way to get a little boost. The last thing you want to do is be waiting months if you could have taken simple action right now to get your check faster.Also, remember there are other resources that can help you right now:
Please share if you’ve received your stimulus check below! We love to keep track of who’s getting them and what their filing status was.