Payments are going out now. Should be $600 for the taxpayer, $600 for the spouse, and $600 for each child under 17 on the 2019 tax return.

What we know:

1. The credit phases out if your income is more then $150k for a joint return and $75k for all other statuses.

2. There is no way at this point to tell the IRS a different bank account number then what was used for the payment earlier in the year. Payments will go out by the same method as before, to the same banks, and to the same address. If your bank recently merged and changed your routing and account information, contact them to see how they will handle this.

3. Payments will be based on the income on your 2019 tax return. If you have not filed a 2019 return of it was filed recently and had to be mailed, there is no way to get that processed between now and the deadline. The IRS will NOT be using the 2018 tax return for this check.

4. Students age 17-23 are again left out. Also adult dependents claimed on someone else's return will not be eligible. No, your 18 year old that earned $1,500 working part time can not claim themselves and get the $1800 stimulus credit. We still have to follow the rules of dependency. If they are an eligible dependent then they can not claim themselves. This usually comes down to the support test. (I can give you additional information on this.)

5. All payments will be made/deposited/mailed out by 1/15/21 or they will have to be claimed on the 2020 tax return when it is filed.

6. If you did not get a payment earlier in the year for any reason other then not filing a 2018 or 2019 tax return, you will probably not get one this time around. (Child Support always takes what is due to them)

7. If you did not get either or both payments you can claim them as a credit on your 2020 tax return when you file it in the next couple of months.

8. Their will be an online IRS tool for us to look at when filling your tax return. Please review this before attempting to claim the tax return credit. If it was applied to child support, that counts as you receiving it. If it was sent to the wrong address or bank account and the IRS was not notified, then they think you received it. You will have to deal with them directly 800-919-9835.

What we don't know (and neither does anyone else, including anyone you could speak to at the IRS):

1. When or if you specifically are going to get your check/deposit. Check on the IRS website:

2. If the amounts will increase to the $2k that is being talked about on TV, call your Senator as it is in the Senate for them to pass right now.