UPDATE 4/24: Reported by a client — and tested independently: YOU MUST ENTER YOUR EXACT ADDRESS AS IT IS LISTED ON YOUR TAX RETURN TO GET ANY OF THE TOOLS TO WORK.
E.g., if your return abbreviates “Drive” as “DR” or “Dr.” or “Drv”… this will make a difference. Be sure to type the address into the tools exactly as it is represented on your most recent tax return.

UPDATE 4/27: The IRS made significant improvements to the “Get My Payment” system this past weekend and asks those who had issues with it before to please try again.

UPDATE 4/27: When the system asks you to enter your refund from a prior year (to confirm identity), they mean the actual amount disbursed to you — not the amount rolled forward to your quarterly taxes.

UPDATE 4/29: On an NATP webinar today, I learned that there’s no auto-formatting in any of the IRS tools — you must enter dashes in your SSN and slashes when entering dates.

The stimulus checks are on their way, and have already found themselves popping up in bank accounts across the country. Here are a few tools you can use to calculate how much you should expect to receive, and to inform the IRS of your bank account information for direct deposit.

• IRS tool to help non-filers get Economic Impact Payments
• Find out when your Economic Impact Payment will arrive
• Be on the lookout for coronavirus scammers
• Who gets an economic impact payment and how much is it?
• Frequently Asked Questions – updated often; check back regularly

How Much Is My Stimulus Check Going to Be?

Forbes has put together a nice little calculator for you. They also do a good job of answering some common questions and explaining the source of info the IRS will use for its calculations:

For those who have filed their 2019 taxes, they will be used to determine eligibility. For those who have not filed 2019 returns, their 2018 tax returns will be used. Those who receive Social Security (either retirement or disability) but didn’t file a return in 2018 or 2019 (because they earn too little to be required to file), will also receive stimulus checks, based on the information sent to the IRS on 2019 forms SSA-1099 and RRB-1099.

Do not just presume that you aren’t entitled to a payment because you think you made too much money. For one, the stimulus check amount gets phased out over a wide range of income — it’s not like it just cuts off if you made over a certain dollar amount. Secondly, some folks think they made too much because of W-2 or investment income, but various deductible losses actually brought the adjusted gross income (AGI) below the required limit. So go check on it, and update your bank information (below) with the IRS just to be safe.

When Will My Stimulus Check Arrive?

Hopefully it will arrive via direct deposit in the next couple of weeks. But you don’t have to guess — you can look up the status on “Get My Payment“, a new IRS tool which will also allow you to enter direct deposit information if you have not already been getting refunds in that manner. Again, Forbes is doing a great job reporting on this — they actually walk you through the process on the website step-by-step with screenshots.
Note: Be sure to type all information, including the address abbreviations, exactly as it is represented on your most recent tax return. Use dashes in your SSN and slashes in your dates.

How Do I Update My Direct Deposit Information with the IRS?

If you’re a regular filer and you simply have been receiving paper checks or rolling your refund forward — and therefore do not have direct deposit information on-file with the IRS — simply use the “Get My Payment” tool I just mentioned above. Here are instructions on how to update your bank information using that tool.
Note: Be sure to type all information, including the address abbreviations, exactly as it is represented on your most recent tax return. Use dashes in your SSN and slashes in your dates.

If you haven’t filed a return because you’re below the income limits or you receive veterans benefits, then use the tool the IRS designed specifically so you can get your stimulus check. More info on that tool here, including situations when you should or should not use it.
Note: Be sure to type all information, including the address abbreviations, exactly as it is represented on your most recent tax return.

Social Security and Railroad Retirement Benefits recipients will receive their stimulus check automatically — no need to use either of the above resources.

What If I Got My Refund Via A Loan Or Advance?

The IRS will either direct deposit your money or send you a check, depending on whether or not your underlying bank information was transmitted to them with your tax return. More info on that here.

What if I Am A Dependent? What If My Kid Lives With Me But Is Not A Dependent?

The first question is easy: dependents aren’t eligible for these payments. Parents get an additional $500 per child instead. Unless (second question)… they’re over 16. Another Forbes article here commiserates with those in this situation.

The IRS is updating its FAQ regularly, so check back if you don’t initially find the answer to your question.

And you know what they say: don’t spend it all in one place.

If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.