Stimulus Payment Information
COVID-19 Resources for SC's 5th Congressional District
COVID-19 Home ♦ Medical Information ♦ Legislation ♦ Recent Posts ♦ Forums & Interviews ♦ Stimulus Payments ♦ Unemployment Insurance ♦ Small Businesses ♦ Veterans
On Friday, March 27th, I voted for and Congress passed the CARES Act, which is intended to provide financial relief to individuals and businesses affected by the COVID-19 pandemic. Click here for details on this legislation.
Among other things, this package provides direct financial assistance to most Americans in the form of cash payment. The IRS is currently in the process of sending out payments. Click the button below to check your status online:
Naturally there are numerous questions about these payments. The IRS has established a toll-free help line for taxpayers who have specific inquiries, which is 800-919-9835. Below are some of the more commonly asked questions.
Who will be receiving a payment?
If you are a single adult, or married but filed separately in 2019, then you will receive $1,200 if the adjusted gross income on your tax return was $75,000 or less. This $1,200 incrementally phases out for incomes above $75,000. And anyone earning $100,000 or more will receive no stimulus payment.
Married couples who filed their 2019 taxes jointly will receive $2,400 if the adjusted gross income on their tax return was $150,000 or less. (It’s $2,400 per couple, not per person.) This $2,400 incrementally phases out for household incomes above $150,000. Couples earning $200,000 or more will receive no payment.
Additionally, if you had dependent children under the age of 17 on your tax return, then your payment will also include an additional $500 for each one.
What if I haven’t yet filed by 2019 tax returns?
Then the IRS will look back to your 2018 tax return for the information they need to calculate and process your payment.
What do I have to do to receive my payment?
No action is needed on your part. The IRS will calculate and process your payment based on the information provided in your 2019 or 2018 tax return.
If you received a refund via direct deposit in 2019 or 2018, the IRS will attempt to electronically deposit your payment into that account. However, if that bank account has been closed, or if you did not receive a direct deposit refund in 2019 or 2018, then a paper check will be mailed.
Note: many Social Security recipients are not required to file tax returns. On April 1st, the IRS provided an update that Social Security beneficiaries who are not required to file tax returns will not need to file a simple return just to receive their payment. Instead, payments will be automatically deposited into their bank accounts.
For those who are not on Social Security, there are other reasons why a tax return may not have been filed for 2019 or 2018. In these cases, the IRS asks that you provide your payment information to them through their website. Click here for details.
When will my payment arrive?
Payment began being issued around April 9th. It could take up to two (2) weeks to complete all electronic payments. If a paper check needs to be issued, that will delay receipt of your payment.
I am retired and on Social Security. Will I receive a payment?
Yes, as long as you meet the qualifications outlined in Question #1.
What about college students? Will they receive a check?
Not if they were claimed as a dependent on their parents’ tax return. Otherwise, if they meet the qualifications outlined in Question #1, then yes.
Is the payment taxable?
No. The IRS will classify this payment as a credit on your 2020 taxes. This credit is not considered to be taxable income.
What if I need additional assistance?
If you are small business owner having trouble obtaining the information you need or applying for the Paycheck Protection Program, please contact my office by phone at 803-327-1114 or online through the form here.
My staff and I are here to serve all all who live in South Carolina's 5th Congressional District. This includes all of Cherokee, Chester, Fairfield, Kershaw, Lancaster, Lee, Union and York counties and parts of Newberry, Spartanburg and Sumter counties. If you live in another congressional district, please click here to find your Representative.
COVID-19 Home ♦ Medical Information ♦ Recent Posts ♦ Forums & Interviews ♦ Stimulus Payments ♦ Unemployment Insurance ♦ Small Businesses ♦ Veterans