The first question is what do we call it! Is it the Stimulus Check? The Recovery Rebate? Or maybe even the CARES Act payment. For 2020 most people are calling it the Stimulus Check. The IRS calls it the Economic Impact Payment. Here are the most common questions I have been hearing about the 2020 Stimulus Check, and answers from the IRS.
Where Is My Stimulus Check?
Most people should have received their check by now. If you filed a 2018 or 2019 tax return and gave the IRS your bank information for direct deposit of your refund, your stimulus check was deposited to that bank account. If you have changed banks since then, your bank will have rejected the deposit, and you will be mailed a check or a debit card. If you lost or destroyed your debit card or check, see the next section in this post. If you did not file a 2018 or 2019 tax return and you are required to do so, you need to file your tax return to get your stimulus payment. If you are not required to file, you can enter your payment information here. Non-filer Payment Info (IRS site) If you still don’t know where your rebate check is, you can check the status of your Economic Impact Payment here. IRS Get My Payment
I Lost My EIP Card. Can I Get A Replacement?
To many people, the debit card they received in the mail looked like a scam! It came in a plain white envelope with a return address of Money Network Cardholder Services. To activate the card you needed to call a phone number and give them your name, address, social security number and create a PIN! Sounds like an identity theft scam to me! Many people threw the card away. I am pretty sure that is what I would have done.
The good news is that it is pretty easy to get a replacement card. You just need to call MetaBank Customer Service at 800-240-8100 (option 2 from the main menu). The $7.50 replacement fee will be waived for the first request.
MetaBank is the bank that manages the Money Network Cardholder Services who the IRS choose to manage the Stimulus Payment Debit cards. That all makes sense to me!
Do watch out for actual scammers. Know that the IRS will never request personal information by text or email. They also do not robo call or contact you through social media. If you are ever concerned that the IRS is actually trying to contact you, you can call them directly at 1-800-829-1040
Will I Still Get My Stimulus Check If I Owe Back Taxes?
In most cases Yes! Even if you owe back taxes you will still receive the Economic Impact Payment. In general, the only time the IRS will withhold the payment is if you owe back child support. In that case your payment will be applied to the overdue child support payments.
Will I Need To Pay Taxes on My Rebate?
No! This is actually a tax free gift from the government! You will need to include the check amount in taxable income. It will not decrease your refund or increase your tax owed!
Will There Be a Second Stimulus Check?
Maybe. The House of Representatives passed the HEROES Act, but it is waiting for the Senate to act upon it. If there is a second Stimulus Check, it will probably be different than the first. We just need to wait and see.
I Need To File A Tax Return, But I Am Worried About The Virus
With today’s technology it is really easy to file a tax return remotely, without any in person contact with your tax preparer. Documents can be safely and securely transferred with online services such as Dropbox, and tax interviews can take place with telephone or Zoom calls. If you are interested in learning more about remote tax services, Let’s Chat. I offer a free, no obligation, no pressure consultation. I would love to hear from you!
I Still Have Questions About My Economic Impact Payment
Feel free to Contact Me and I will be happy to answer your questions. Or you can go to the IRS Economic Impact Payment Information Center for even more questions and answers.