FAQ: When will I get my stimulus check? Who gets one? What about tax returns?

So when do I get a stimulus check? Do I need to sign up somewhere to get direct deposit? 

The list of questions is endless when it comes to the stimulus checks that are included in the Coronavirus Aid, Relief and Economic Security Act, signed into law by President Donald Trump on Friday.

Here's a Q&A based on some questions that I received from readers in the last few days: 

Q: Is there a way to make sure that I get the money?

A: Most people won't need to do anything. The Internal Revenue Service issued a release late Monday indicating that the IRS will calculate and automatically send payment to eligible taxpayers. But everything isn't automatic so pay attention to your situation. 

Q: How much money are we talking about?

A: It's up to $1,200 each for individuals or up to $2,400 for married couples. Parents also receive $500 for each qualifying child under age 17.

Q: Will it help if I already filed my 2019 income tax return? 

A: It might. The IRS said it is going to use information from 2019 income tax returns, if you've already filed that return, to calculate the payment amount. The stimulus check would be directly deposited into the same bank account that's listed on your tax return.

For those who have not yet filed their return for 2019 — and remember, the April 15 tax filing deadline is now delayed until July 15 — the IRS will use information from your 2018 tax return to calculate the payment. The payment would be directly deposited into the same bank account listed on that return. 

"It is useful for a taxpayer to file at least the 2019 return to make sure they are on the IRS’s radar, and to get direct deposit information to the IRS so they might get the rebate sooner," said Mark Luscombe, principal analyst at Wolters Kluwer Tax & Accounting.

Q: Does everyone get a check? 

A: No, this isn't like the Oprah Winfrey show years ago where everyone in the audience got a free car. The stimulus checks are not going to high-income households. 

The IRS notes that you can expect to receive the full amount if you're a single person with an adjusted gross income of up to $75,000 or if you're a married couple filing a joint return and have an adjusted gross income of up to $150,000. 

Some filers who make more could receive a reduced stimulus payment. The size of the check would be reduced by $5 for each $100 above those $75,000 and $150,000 thresholds.

You get nothing if you're single and your income is more than $99,000 and $198,000 for married couples filing a joint return with no children.

Q: Will a stimulus check be directly applied to an old debt?

A: Some consumers are worried that their stimulus check could be treated like a federal income tax refund and automatically be used to cover some back debts, such as federal student loans, child support and back taxes owed to the federal government. 

The Treasury's Bureau of the Fiscal Service is able to immediately reduce your tax refund for specific past-due debts: state income taxes, child support, federal agency non-tax debts, including past due federal student loans.

But Luscombe said the stimulus check won't be treated the same as a tax refund in most cases. The exception, he said, would involve past due child support payments that a state has reported to the U.S. Treasury Department. The stimulus check could be withheld to cover that debt relating to child support, he said.

Q: If I receive stimulus or relief money, is that money going to be taxed at a later date?

A: No, Luscombe said. 

"According to the Senate Finance Committee, even if you receive a larger rebate than the tax credit you calculate on your 2020 tax return, you do not have to repay the difference," Luscombe said.

Q: Should I call the IRS to get help?

A: No. The IRS wants people to go to www.irs.gov/coronavirus for upcoming details. 

Q: When will I get a check? 

A: It's expected  that some people will see this money in a few weeks. But others could have to wait longer, based on what the IRS detailed Monday. 

Q: What if the IRS does not have my direct deposit information. What can I do?

A: The IRS stated Monday that the U.S. Treasury Department plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail. That portal would be available in the "coming weeks," according to the IRS. 

Q: What if I do not typically file a tax return because I make so little that I'm not required to file one? Can I still get money? 

A: Yes. But the IRS stated Monday that people who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Go to IRS.gov/coronavirus to see how to file a 2019 tax return with simple, but necessary, information including filing status, number of dependents and direct deposit bank account information.

(Updated:  In a key development, the U.S. Treasury Department and the IRS late April 1 announced that Social Security beneficiaries who are not typically required to file tax returns will see payments for the stimulus automatically deposited into their bank accounts. No action or simple form is needed, according to the latest guidance.)

Retirees and others with little or no income can qualify to get checks. But immigrants who don’t have Social Security numbers will not be eligible for checks. 

Q: Will President Donald Trump's signature appear on those stimulus checks? 

A: We'll see. MarketWatch reported that the president has told people he wants his signature to appear on the direct payment checks that will go out in the coming weeks. 

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It is quicker to receive direct deposit, though, than a check. Some expect stimulus money could arrive as soon as the week of April 20 in bank accounts via direct deposit. 

If you were receiving a paper check, Luscombe said, it might take several months.

"Which is why people are encouraged to get direct deposit information to the IRS, if the IRS does not already have it," Luscombe said. 

You'd do that by filing a 2019 federal income tax return or via the new website that the IRS is working on, he said. 

Q: I have not filed my tax return for 2018 or 2019. Can I still receive a check?

A: Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive a stimulus check. Taxpayers should include direct deposit banking information on the return to speed up getting the money. 

Q: I cannot get someone to help me with my taxes. My community is facing a ‘Stay Home, Stay Safe’ order. What am I supposed to do? 

A: The IRS says the stimulus checks will be available throughout 2020. No, it's not an ideal way to get money into the hands of people quickly but if you wait to file your 2018 or 2019 tax returns until June or July, you'd still be OK and able to get a check. 

ContactSusan Tompor at313-222-8876 or stompor@freepress.com. Follow her on Twitter@tompor. Read more on business and sign up for our business newsletter.