A suggested action plan for your Economic Impact Payment

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A suggested action plan for your Economic Impact Payment

Categories: Blog

The following has been put together by our Women’s Economic Advancement team for participants in our Basic Money Management program. It also can be helpful for anyone who is low-to-moderate income. (updated April 3, 2020)

Please note that financial information is constantly changing and doesn’t replace any financial advice that best serves your specific circumstances and needs.

In the next three weeks, you may receive an Economic Impact Payment from the federal government to help you with your finances. Here is a suggested action plan for individuals or families with low-to-moderate income who are receiving the Economic Impact Payment.

The following steps will make this process less stressful so that when you get your payment you can use it efficiently:

Get informed on how to get the Economic Impact Payment. The IRS will post all key information about Coronavirus Tax Relief at IRS.gov/coronavirus as soon as it becomes available.

Have your documents ready. One of the key elements that has been constantly mentioned to receive this payment is filing taxes. Read “Economic Income Payments,” research and decide what applies to you. The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible. If you haven’t filed your taxes (see below for helpful links) or if you are not typically required to file a tax return, the IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return. More information at IRS.gov/coronavirus

  • Follow this IRS link for free (IRS approved) federal tax preparation services.
  • Follow this Ladder Up link to file your taxes online for free. Ladder Up has partnered with the IRS Free File Program delivered by TurboTax to offer a free online option for filing your tax return.

Plan what to do with your money once you get it. Adjust your budget or create one. Here are some helpful links:

Lastly, keep an eye on your money and avoid scams.

  • The Federal Trade Commission wants you to remember that no matter what this payment winds up being, only scammers will ask you to pay to get it. Keep up to date with the latest Coronavirus-related scams at www.ftc.gov/coronavirus.

If you have questions please email Financial Education Specialist Fabiola Alfonso at falfonso@ywca-ens.org.

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