Local CPA Answers Questions About Stimulus Check Eligibility

Wednesday, December 30th 2020, 9:14 pm

TULSA, Okla. -

$600 of stimulus money is in the bank accounts of some Oklahomans and checks started going out by mail Wednesday, but there are still many questions about who gets a check and when.

One Tulsa CPA said patience is key as the government begins making payments.

The IRS said people that make less than $75,000 and couples that make less than $150,000 will get $600 a person. The IRS uses information from the most recent tax return on file and will mail a check or debit card if you don't have direct deposit on file.

"If you didn't get one the first round, you might not get it, but hope is not lost," Certified Public Accountant Paul Hood said.

Hood said eligible people who didn't get a stimulus check the first time around or who haven't filed a tax return can claim the money next year when they file their 2020 taxes. That could include recent college grads who are filing for the first time, and to babies born this year.

$600 will also go to dependents under 17, and unlike the last stimulus plan, citizens married to undocumented people will get the money.

"The determining factor is if you have a social security number," Hood said.

Hood said this money is not taxable and won't affect your tax refund. He also said that if you make more than the $75,000 threshold, you'll still get a check, but the amount goes down depending on how much you make and people making over $87,000 won't get a stimulus payment. 

Hood said the key is to remain patient and not spend money you don't already have.

"You can't rush the government," he said.

The IRS said if the government passes a bill increasing the check amount, another payment making up the difference will go out soon. 

There will be a way to track your payment on the IRS website.