Economic Impact “Stimulus” Payment FAQ

Preguntas frecuentes sobre el Pago de Impacto (o “Estímulo”) Económico

Click on the questions below to find answers to your questions about the Economic Impact Payments, commonly known as stimulus payments, which are part of The CARES Act. The CARES Act was passed to provide economic relief to families in response to the COVID-19 pandemic. As the IRS provides more information, we will update this page.

Calculate your Economic Impact Payment

  • Single adults with an income of $75,000 or less will receive $1,200.
  • Married couples with no children earning less than $150,000 will receive $2,400.
  • Parents also receive $500 for each qualifying child under the age of 17.
  • Taxpayers filing as head of household will get $1,200 if they earned $112,500 or less.

No, these payments are not taxable.

If you filed taxes in the last two years, you do not have to do anything. The IRS will send you payment based on the information they have on file—either through direct deposit or by mail. Nearly four million people are being sent their Economic Impact “Stimulus” Payment by prepaid debit card instead of a paper check. Learn more about the EIP debit card at eipcard.com

If you need to update the address or change direct deposit information provided on your 2018 return, the best way to do so is by filing your 2019 taxes as soon as possible. Learn more about filing options

If you are not required to file taxes, the IRS has launched a free and easy web-based tool for you to provide your bank account or address information so they know where to send your money—visit IRS.gov to complete the online application by November 21, 2020. Even if you are not required to file, by doing so you may also be eligible for the Earned Income Tax Credit – a cash-back refund worth up to $6,600. 

If you have children you may qualify for an additional $500 payment. The deadline to claim this additional payment is September 30, 2020. Make sure you received this payment already or provide additional information using the web-based tool. If this deadline has passed, you can file a tax return this upcoming tax season to claim payment and any tax credits you qualify for.

Claim your stimulus payment with the help of IRS-certified volunteers online or over the phone through the Economic Impact Payment Helpline (1-844-322-3639).

Learn more about filing options.

The best way to update your direct deposit or address information is to file your 2019 tax return as soon as possible so the IRS has your payment information. Visit IRS.gov and click on Get My Payment for more information. 

If you receive an Economic Impact Payment check, Wells Fargo locations throughout Colorado will cash economic impact “stimulus” payment checks for non-customers at their branches free of charge. Find a branch near you.

Looking to set up a bank account? BankOn Denver can connect you with safe and affordable banking options. Set up a bank account today to quickly receive your EIP if you haven’t already! Visit their website or call 720-766-7650 for more information.

Nearly four million people are being sent their Economic Impact “Stimulus” Payment by prepaid debit card, instead of a paper check. You can this card to make purchases online or in person, get cash from an ATMs and transfer funds to your personal bank account. Learn more about the EIP debit card at www.eipcard.com

You can check the status of your payment on the IRS.gov website using the Get My Payment tool. The IRS plans to mail a letter about your economic impact payment to your last known address within 15 days after the payment is made. This letter will provide information on how the payment was made and how to report any failure to receive the payment.

Yes, free online tax options are available! Learn more about remote drop-off services, MyFreeTaxes.com and IRS Free File.

Many experts expect the payments to be sent out in batches, starting in mid-April, and anticipate it may take weeks for some people to receive payment. 

Yes, the IRS will be sending you payment. The IRS has launched a free and easy web-based tool for you to provide basic information including Social Security number, name, address, and dependents. You will have the option to include your bank account information for direct deposit, otherwise your payment will be mailed to you. 

The IRS will use the information on Form SSA-1099 and Form RRB-1099 to distribute payments to Social Security recipients who did not file a tax return in 2018 or 2019. Recipients will receive these payments as they would normally receive benefits. If you don’t normally receive these forms, you can use the web-based tool to submit direct deposit information.

According to the new law, economic impact payments will not be held or “offset” for existing federal tax debts. However, if you are past due on child support payments, your check can be seized for child support arrears.

No, the IRS will not be distributing economic impact payments to ITIN card holders.

To be considered a qualifying dependent for the stimulus payment, a foster child must:

  • Be under the age of 17
  • Have lived with the taxpayer for over half of the year
  • Not have provided more than half of their own support

Those excluded include the wealthy, “nonresident aliens” and “dependents” who have been claimed on someone else’s tax return will not receive an economic impact payment.

The IRS urges taxpayers to be on the lookout for calls and email phishing attempts about COVID-19. The IRS will not call, text or send messages via social media to request financial information or demand payment. Scammers may also try to make you believe the IRS is reaching out to you on websites or through social media to request money or personal information.

Other Questions

If you are due a refund, file now to claim that refund now and including your direct deposit information will also ensure that you receive your economic impact payment more quickly than you would through the mail. Plus you may also be eligible for the Earned Income Tax Credit – a cash-back refund worth up to $6,500–see if you are eligible

Yes, free online tax options are available! Learn more about remote drop-off services, MyFreeTaxes.com and IRS Free File.