ELLSWORTH — Stimulus payments of up to $1,200 per individual should be arriving in the bank accounts of those who have direct deposit beginning this week, certified public accountant Susan Chappell told audience members during a Zoom meeting hosted by Heart of Ellsworth and Machias Savings Bank on Friday.
That timeline could be quite a bit longer, however, if you don’t have direct deposit set up with the IRS, said Chappell, possibly as late as August or September.
“Supposedly there will be a portal made available where people can input their bank account information so the payment will be directly deposited,” she said, for those who don’t already have it set up. The portal on the IRS website, irs.gov, was not yet available as of Tuesday.
Single filers making less than $75,000 per year will get the full payment of $1,200 plus $500 per dependent, while the cutoff for those who are married filing jointly is $150,000.
The IRS will base the payments on 2019 filings (or 2018 for those who haven’t yet completed their 2019 taxes).
Taxpayers whose only income is Social Security don’t need to file anything additional, said Chappell.
“Their economic impact payment will be directly sent to them,” she said.
Taxpayers who haven’t filed taxes for 2018 or 2019 should do so as soon as possible.
Those who aren’t required to file taxes (such as residents making less than $12,200 per individual) or those who receive survivor benefits from the Department of Veterans Affairs may still be eligible for a payment and should visit irs.gov and follow the instructions.
Chappell also warned that “Scamming is a big thing right now” and urged residents not to give out their bank account information in the hopes of getting a stimulus payment sooner.
“The IRS will not call, they will not email and they will not text anyone about the stimulus payment,” Chappell said.
The government has said it will send a letter within 15 days of sending out your payment, she said, “indicating how your payment has been made so people that don’t receive it can follow up and figure out.”
Chappell also said she’s been getting a lot of questions about what the difference is between a sole proprietor, a gig worker, an independent contractor or someone who is self-employed.
“They’re all the same,” said Chappell. “And for the first time ever, this group is eligible for unemployment as well as all of the other loan opportunities that are out there.”