COVID-19 News You Can Use
Facts about Stimulus Checks
- Distribution begins on April 9th for those with federal tax direct deposit.
- The second wave of distribution will be paid out the week of April 20th.
- The third, and final round will take place through May, and possibly longer, for mailed checks.
- For quickest payment, file taxes using direct deposit.
- Tax filers with adjusted gross income up to $75,000 a person, $150,000 a couple (for joint filers) will get full amount of $1200 a person, $2400 a couple, and $500 per qualifying child.
- The amount is reduced $5 for each $100 above the $75,000/$150,000 thresholds.
- If you have filed in 2018 or 2019, no action is needed. Payments will be direct deposited into the account noted on your returns.
- If you have not filed a tax return in 2018 or 2019, file a simple tax return to receive the payment.
- If you did not use direct deposit, check IRS.gov/coronavirus for upcoming instructions on how to receive your check. Do not rely on other websites! Scammers are working overtime.
What to Do with your Stimulus Check
Pay your bills!
- Debts are deferred, not eliminated.
- Even though most areas have closed courts, evictions will be filed at the end of this pandemic.
- Utility companies will shut off utilities for non-payment.
- Banks will foreclose if mortgages are not paid.
Don't be caught with months of bills.
Use your stimulus check to pay what you can now.
Disclaimer: At Compass, we strive to provide the most up-to-date and accurate information. However, we cannot guarantee the accuracy of the information provided in such rapidly changing times. We strongly encourage you to follow the links, conduct your own research, and determine your own best actions. Compass does not purport to be experts or official advisors in any capacity regarding the COVID-19 pandemic. We review the information and consolidate it for our readership. Compass is not responsible for any out of date, or inaccurate information provided. We will make every effort to correct errors brought to our attention.