Charles Morgan Who Will (And Won’t) Get A Stimulus Check And What To Do With The Payment If You Get One

Plus: The $350 Billion Small Business Loan Program Is Officially Out Of Money

Your check could soon be in the mail—or maybe it’s already been direct deposited into your bank account. As part of Congress’ $2 trillion-plus effort to fight the financial effects of the coronavirus, the Internal Revenue Service is sending 150 million households Economic Impact Payments, better known as “stimulus checks”. These payments of $1,200 per adult, plus $500 for each dependent younger than 17, won’t go to high income folks, but otherwise aren’t related to your economic circumstances---even if you’re still getting your regular paycheck you qualify.

The stories below explain who will (and won’t) get a check, what you need to do to get the money (in most cases nothing), and how to check on the status of your payment and perhaps speed up its arrival. While tens of millions of newly unemployed Americans need the cash to pay for food and other necessities, more fortunate folks should consider using their checks to build an emergency fund, pay down debt, invest for the future and support local businesses. Or, you could donate some of your windfall to help others suffering (physically or financially) from the pandemic and take advantage of the fact that Congress has temporarily expanded tax breaks for charitable giving.

Here’s what you’ve been asking - along with answers - regarding those tax stimulus checks from Kelly Phillips Erb, Senior Contributor for Forbes Taxes. Follow Kelly on Twitter @taxgirl for the very latest.

Navigating The Stimulus Check

There's still a lot of confusion about how to register for and track stimulus checks on the Internal Revenue Service (IRS) website. The IRS has issued some additional guidance which clarifies how its tools can be used. Here's how to tell which to use.

Also see the Forbes Advisor Stimulus Check Calculator

As of mid-day Wednesday, more than 6.2 million taxpayers had successfully received their payment status, and almost 1.1 million taxpayers have successfully provided banking information. But many taxpayers reported difficulty accessing the Get My Payment tool.

The Internal Revenue Service (IRS) has confirmed that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments.

College students are not eligible for the $1,200 checks that more than 100 million Americans are slated to receive. But students have another way to collect federal relief funds.

While most individuals will get a stimulus, you might be surprised if you find yourself without one. Here are five reason why you might not get a stimulus payment.

The implications of these checks, and how they could affect 2020 taxes, are generating many questions. Don’t panic. Here’s a quick explainer on how the stimulus payment works, and how it relates to your 2020 taxes.

Some of the most financially hard pressed Americans, however, might be worried about receiving their payment. Sometimes, when consumers have seriously delinquent debt, private parties and sometimes even the federal government can swoop in and take some of the money due them.

There’s a provision in the $2 trillion stimulus package signed into law on March 27^th that lets non-itemizers take up to a $300 above-the-line charitable income tax deduction for cash donations made in 2020. For those who take the standard deduction, this means that if you give $300 to charity, you’d get the $300 tax break in addition to the standard deduction ($12,400 for individuals and $24,800 for married couples filing jointly). Here are 12 worthy causes for your $1,200 stimulus check.

If you want to help but aren’t sure where to start, here’s a guide to donating both your money and your time to charities and to individuals in need.