I was listening to the Tuesday podcast of "Make Me Smart" on the way back from work today. (Spin-off of Marketplace and Marketplace Tech)
Anyway the subject was how the IRS will send out money from the recent stimulus bill. The summary:
- If you filed your 2018 or 2019 taxes your check will be deposited in the same bank account you used to pay taxes or direct deposit your refund. If you used a paper check you need to give the IRS your bank details so they can direct deposit the money and the will be creating a web portal to do this in the future.
- If you receive Social Security you get the money the same way you get your SS check
- "Children" 18 or older that are claimed as dependents on someone else's tax return don't get a check
- Children under 18 get a $500 check sent to the parent that claimed them as a dependent
- If you didn't file a 2018 or 2019 tax return and don't get Social Security you don't get a check.