Have you been checking your banking app the last few days to see when, or if, the promised stimulus money would show up? Yeah, me too!

I saw something pretty funny in the world of memes yesterday that gave me a much-needed laugh. I will not be able to quote this correctly, but the gist of it was, "The world really is upside down right now. It is April 15th, and the government gave ME money!"  It's funny because it is true. The government stimulus showed up in many American's bank accounts yesterday, and to be honest, the relief could not come at a better time. I am fortunate to be able to work from home during the quarantine. Still, so many people do not have that luxury and are seriously struggling financially, as we are about a month into this new way of life without a definite end in sight.

The Economic Impact Payments we delivered to bank accounts of those who filed their taxes last year and chose direct deposit as their means of receiving refunds. However, what if you didn't file last year? Or, what if you filed but owed money on your taxes? Also, who gets what money? How are you supposed to know?

First: Who Get's the Money & How Much?

The Economic Impact Payments depend on what income bracket each person falls into and how households file their taxes. If you file as an individual or head-of-household, you should receive $1,200. If "married filing jointly," you should receive $2,400.

Individuals = $1,200

Married Filing Jointly = $2,400

There ARE restrictions, though. A person cannot be a dependent of another taxpayer, and they MUST have a work-eligible social security number. The more difficult to understand restrictions depend on your gross annual income. To receive the funds detailed above, you cannot make more money than:

• $75,000 per year for an individual
• $112,500 for head-of-household filers
• $150,000 for married filing jointly

What happens if you DO make more? Taxpayers receive a reduced amount if their annual gross income is between:

• $75,000 and $99,000 for an individual
• $112,500 and $136,500 for head-of-household
• $150,000 and $198,000 for married filing jointly

The reduced amount is not a set figure; it is based on the specific adjusted gross income for each taxpayer.

The IRS goes on to state that retirees and those who receive Social Security, Railroad Retirement, disability, or veterans' benefits will also receive a payment. 

Second: Who Doesn't Get the Money, and Why?

Most Americans will receive some form of impact payment. Yet, there is a small population who will not because:

• The adjusted gross income is higher than $99,000 for individual, $136,500 for head-of-household, or $198,000 if you are married filing jointly.
• You can be claimed as a dependent on someone else's return, e.g., children, student, or older dependent claimed on a parent's return.
• You do not have a valid Social Security number.
• You are a non-resident of the United States.
• You filed Form 1040-NR, or Forms 1040NR-EZ, 1040-PR, 1040-SS.

Third: What Do I Need to Do?

If you already filed your taxes for 2019, the IRS will use that return to calculate your payment and send you the money. If you requested to receive any refund through direct deposit, your stimulus money should be in your bank account or arrive in the next few days. If not, the funds are mailed to the address listed on your return.

If you haven't filed for 2019 but DID file in 2018, the IRS will use that information to calculate the payment and send money accordingly: to your bank or listed address.

If you are not typically required to file a tax return, the IRS will use the information on Forms SSA-1099 and RRB-1099 to generate your payment. Taxpayers will receive these payments like they receive their regular benefits. 

Fourth: I Still Don't Have My Payment - Or I Don't Know My Status

If you are still confused about when your funds Willa arrive and where they are going, the IRS provides a few tools for you to find more information about your specific case. Any person can visit this website to track their payment, learn more about their filing status, and other actions needed by taxpayers. They can also read more about tax relief during disasters, how non-filers can enter their information, and how to update banking information.

So yeah, tax time is different this year. I have a feeling things will be different for quite some time. Just know you can always reach out to Medcom with any question about COVID-19, and associated regulation changes by submitting questions to covid19questions@medcombenefits.com. We answer those questions twice a week during our Desktop Discussions. Tune in on Tuesdays and Thursdays to hear expert advice from our Senior Legal Counsel, Michelle Barki.