Economic Impact Payment: What You Need to Know
The Economic Impact Payments are being released. Here is our guide to navigating receiving payment.
If you have filed taxes in 2018/2019
You may not receive automatic payments even if you have filed taxes for 2018/2019. There are reports of the IRS requiring more information to process your payment. To find out if this applies to you go to the irs.gov website.
Click “Get My Payment” and you will be prompted to check your status. If the IRS requires more information such as banking information or current address, you will be prompted to enter it.
If you haven’t filed taxes for 2018/2019
If you haven’t filed taxes or are under the poverty line for 2019, you can still receive the Economic Impact Payment. This allows you to receive a direct deposit or mailed check, depending on your current situation. You may not use this method if:
- You receive Social Security, Railroad Retirement, or SSDI benefits. The IRS will automatically send you an Economic Impact Payment.
- You have already filed a 2019 federal income tax return.
- Your 2019 gross income exceeded $12,200 ($24,400 for a married couple) or other reasons require you to file a 2019 federal tax return.
- You were married at the end of 2019 and are not submitting information here with your spouse.
- You were not a U.S. citizen or U.S. permanent resident in 2019.
If none of the above applies to you, go to the irs.gov website and use the non-filers section to complete your application.
Make sure to have all of your current personal information to fill out the forms, such as social security numbers for you and your dependents, banking information, and permanent mailing address. This will take 10-15 minutes to complete and is best completed on a desktop, laptop, or tablet computer.
If you are unbanked
If you do not currently have a bank account you can still receive the Economic Impact Payment and you can use either method above to get your payment. You will receive a paper check in the mail once the checks are processed by the Federal government. To cash the Economic Impact Payment, it is highly discouraged to use a check-cashing business. Wells Fargo will cash stimulus payment checks for non-customers in all branches, with no fees charged. For customers who may have a negative balance in their account, Wells Fargo will pause, for 30 days, the collection of that balance at the time the stimulus payments are deposited, allowing access to the full amount of the funds.
If you are looking to open a bank account and have had challenges with traditional banking in the past, Prepare + Prosper has a low-cost checking account or prepaid card option here.