UPDATE: Economic Impact Payments for Youth
Updated Info for Youth Who Qualify for the Economic Impact Payment
EXECUTIVE SUMMARY:
As part of the federal response to the COVID-19 pandemic, the CARES Act provides Americans with some financial relief in the form of one-time direct cash transfers up to $1,200 (up to $2,400 for people who file or would file taxes jointly) plus $500 for each dependent a taxpayer reports. To qualify for any payment, youth need to be above the age of 18, have a social security number, be an American citizen or a permanent resident, and cannot be claimed as a dependent. However, the IRS has experienced some issues in the rollout of the payments, and some eligible taxpayers have not received their payment with no explanation.
The IRS's online tool, Get My Payment, was designed to allow users to input bank account information to set up a direct deposit and to track payments. But, as indicated above, the tool and the IRS's administration of the program have experienced problems.
Photo by Christina Morillo
ACTIONS TO TAKE NOW/TROUBLESHOOTING:
Go to the IRS's Get My Payment page. Then click on "Get My Payment."
Fill out the online form, including entering your direct deposit information. For many people, this is all you need to do, and you will receive your stimulus payment soon. However, for others, you may get a message: "Payment Status Not Available."
There are several reasons for the "Payment Status Not Available" message. Here are some:
You receive an SSA or RRB Form 1099 or Social Security or VA benefit. If you fall in this category, it's likely you don't normally file a tax return, thus the IRS hasn't loaded your data into its system yet. Check the Get Payment page in a few days to see if the IRS has updated the system.
You filed a 2019 return, but the IRS hasn't finished processing it. Keep checking back with the tool once a day to see if your return has been processed. Once it has been, you'll be able to enter your direct deposit information.
You used your bank account to make an electronic payment to the IRS but you have not previously received a refund direct deposit from the IRS. You will need to provide the IRS with your direct deposit info through the tool. If you are receiving the Payment Status Not Available message, it's likely that the IRS has not processed your 2019 return yet.
You use TurboTax, H&R Block, or other tax-preparation apps to file your taxes. According to the IRS, it doesn't have direct deposit information for many users of these apps, thus the Get My Payment tool may give you a "Payment Status Not Available" message. The IRS and Treasury departments are aware of this problem and are working on a fix, just keep doing a daily check.
You may not have answered the security questions correctly. The Get My Payment tool asks security questions to verify your identity. If you made an error entering the information requested, the tool can temporarily lock you out. Try again a day later.
The bank account you used previously for direct deposit is closed or changed. If Get My Payment indicates your payment has been processed, the system won't let you change your bank account information. According to the IRS, your old bank will reject the deposit, and then the IRS will mail your payment to the address it has on file for you.
You're not eligible for payment: See Eligibility
Note: The IRS updates the tool every day with new information, so there's no need to check back more often than once a day. It may take the IRS a while to fix the problems with the online tool and to fix issues with direct deposit payments. Those who do not receive their payment by direct deposit will get their stimulus payment in the mail, but not likely until May or later.
IN-DEPTH ANALYSIS:
Photo by Christina Morillo
To qualify for the full $1,200, youth who file taxes individually need to be earning below $75,000 a year based on their 2018 or 2019 tax returns, whichever one is their most recent filing. If youth are earning between $75,000 and $99,000, they will get a portion of the $1,200. If youth meet the above requirements, then the IRS should already have either their address, their direct deposit information, or both. This means that they do not need to take any action unless that information has changed. If their address has changed, they can submit a change of address here and the check will be mailed to them. If their direct deposit information has changed, the IRS has made a tool available here so that youth can input their new banking info.
For youth who file taxes as head of household, they are eligible for a $1,200 payment if they earn $112,500 or less and they meet the other requirements as outlined above. If they earn between $112,500 and $136,500, they are eligible for some portion of the $1,200 depending on their earnings. If their address has changed, they can submit a change of address here and the check will be mailed to them. If their direct deposit information has changed, the IRS has made a tool available here so that youth who are filing taxes as head of household can input their new banking info.
For youth who are married and filing taxes jointly, all the above qualifications remain, except earnings. Joint filers earning $150,000 a year and below will receive the full joint payment of $2,400. Joint filers earning between $150,000 and $198,000 will receive some portion of that $2,400 depending on their earnings from the last time they filed their taxes. If their address has changed, they can submit a change of address here and the check will be mailed to them. If their direct deposit information has changed, the IRS has made a tool available here so that youth who are jointly filing taxes can input their new banking info.
Youth who did not file their taxes in the past two years can also qualify for the payment. Youth are not required to file taxes if they earn less than $12,200 a year or have some other waiver from the IRS. Non-filing youth should follow the links on this page to ensure that they receive their payment.
IMPORTANT LINKS: