- Economic Impact Payments
- What Rebates Are Based Upon
- Get My Payment
- Auto-Deposit and Addresses
- Family Makeup & Income
- IRS Q&A
The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.” However, not everyone who was expecting one has received theirs, and some may not be the amount expected.
The Treasury first looked for a filed 2019 return when they began making the payments. If a 2019 return was not filed in time to catch the payment dates, they used the family makeup and income from the 2018 return if one was filed. If neither was filed, then they paid rebates to recipients of Social Security, SSI disability, survivors, Railroad Retirement, and veterans’ benefits.
Someone who does not fit into one of those categories is generally deemed to be a non-filer and will not receive a rebate until they either file a return or use the Non-Filer Tool on the IRS website.
You can check on the status of your rebate using the “Get My Payment” feature on the same IRS webpage as the non-filer tool. That same page also provides the ability for some taxpayers to enter their direct deposit information. If the IRS doesn’t have your direct deposit information in their records, you can use “Get My Payment” to submit that information after properly verifying your identity and if the payment hasn’t already been scheduled for processing. To protect against potential fraud, “Get My Payment” won’t allow direct deposit bank information already on file with the IRS to be changed. However, direct deposit information can be updated for people whose direct deposit information on the last return filed was incorrect and resulted in a paper check being issued for their refund. Unfortunately, address changes cannot be made through “Get My Payment”.
It is important to note that births, deaths, under age 17 dependent children, marriages, separations, divorces, emancipations, and income changes can cause the rebate amounts to be different from what may have been expected, or in some cases, be incorrect. Also, the rebates are reduced (phased out) for higher-income taxpayers, so based on your reported adjusted gross income on your 2019 return (or 2018 if 2019 has not been filed yet), you may only qualify for a reduced rebate or no rebate at all.
The IRS provides an extensive Q&A related to rebate issues and situations that may answer any questions you may have about your rebate.
If you have any other questions, please contact your Tarlow advisor.