Coronavirus stimulus payments: These individuals must take action to get checks

Social Security beneficiaries will receive their payments automatically

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Continue Reading Below

As the IRS prepares to begin depositing economic impact payments into Americans’ bank accounts, some groups of people will need to take action in order to get that cash.

The payments will be automatic for the majority of taxpayers. The agency will use either your 2018 or 2019 return – depending on whether you have filed yet this year – to determine your eligibility.

Those who do not regularly file returns with the agency will be required to give information using a tool unveiled on Friday.

CORONAVIRUS UNEMPLOYMENT TIPS IN NEW YORK: HOW TO SPEED UP YOUR APPLICATION

Here’s a look at different groups of people who will be required to take action in order to receive their payments:

Americans with low incomes

One group of people who will likely need to take action is those who are under the normal income limits for filing a tax return. This would include single filers who made under $12,200 and married couples making less than $24,400 in 2019, for example.

Veterans beneficiaries and Supplemental Security Income (SSI) recipients:

The IRS said it is continuing to look into ways to get both SSI recipients and people who receive veterans disability compensation, pension or survivor benefits (who do not typically file tax returns) their payments automatically.

However, if these individuals do not want to wait, they can submit their information to the tax agency using the tool.

Social Security beneficiaries, on the other hand, do not need to take any action. They will receive their payments automatically.

CORONAVIRUS STIMULUS CHECKS: WHO GETS MONEY AND WHEN?

Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents

People receiving these benefits will receive their payments automatically – however, if they have qualifying children under the age of 17, they will need to input details in order to claim the $500 per child payment.

Have not filed (but were supposed to)

If you were required to file a return for tax years 2018 and 2019 – but have not done so – you will not get a payment until you do.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.

The checks are expected to begin hitting direct deposit accounts starting next week, according to the administration. Paper checks are expected to begin being sent the week of April 20.

More information about eligibility can be found here.

CLICK HERE TO READ MORE ON FOX BUSINESS