The I.R.S. (Internal Revenue Service) wants you to know that retirees can be affected by Economic Impact Payment (EIPs) scams. Economic Impact Payment has been authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The U.S. Treasury pays EIP to U.S. citizens and United States resident aliens. Payments are made by direct deposit to the recipient's bank account, by check and even by debit card.
That can cause confusion. And, if a senior citizen gets a call offering to help, that can sometimes seem like a lifeline to them. But that "help" may likely not be from official sources.
The process can cause confusion. And if someone calls offering help, in particular, it can seem like a lifeline to the elderly. But this "help" may not come from official sources.
New Threats
According to an I.R.S. press release, a wave of "new phishing scams" related to EIP has emerged. "Seniors should be careful about this period."
Here are some examples of what scammers can try to do:
Ask you to sign over your EIP to them.
Send a false check to you, opening the door for you to "correct" your personal information online.
Offer to speed up EIP by working on your behalf.
Tell you that they need banking or personal information in order for you to receive your EIP.
Caution When Someone Else Makes The First Move
It is best to avoid contact with anyone who starts a conversation or requests information about EIPs, in person or by phone, email, text, or social media account.
Drop the call if someone calls by phone. Do not cooperate if contacted in any other way. If anyone contacts you and starts asking for your details, it's not official. The I.R.S. will not contact you.
The I.R.S. commissioner, Chuck Rettig, said. "The I.R.S. will not call you to ask you to verify or provide your financial information so that you can receive payment with economic impact or refunds more quickly. This also applies to surprise emails that seem to come from the I.R.S. Remember, don't open or click on attachments or links. "
What should I do if contacted?
If a scammer contacts you, don't interact with the potential scammer. Instead, discuss it with the I.R.S. Those who receive unsolicited text messages, emails, or social media attempting to collect information that appears to belong to the I.R.S. or a closely related I.R.S. organization, such as the electronic federal tax payment system (EFTPS), should forward such email to .
Two additional resources of the I.R.S. are the Report Phishing and Online Scams and I.R.S. issues warning about scams relating to the Coronavirus epidemic; watch out for schemes tied to economic impact payments.
Criminal History
As Don Fort, I.R.S. chief of the criminal investigation, said, "History has shown that criminals seize every opportunity to commit fraud against innocent victims, especially when a group of people is vulnerable. While waiting for the economic impact payment, criminals work hard to deceive you. The Criminal Investigation Division of the I.R.S. is working hard to find and eliminate these scammers, but in the meantime, we urge people to remain vigilant. "
Economic Impact Payments Details
How do these EIP payments reach recipients?
Eligible retirees and beneficiaries of social security benefits for old age, Supplemental Security Income (S.S.I.), Railroad Retirement benefits, survivors, or disability benefits (SSDI), and V.A. compensation and pension benefits (C&P), who do not file a tax return, automatically receive EIP.
What about other non-filers? They need to register with the Non-Filer tool on the irs.gov website. Those who filed income tax returns in 2019 or 2018 automatically receive payments by check or if the I.R.S. has a file of the taxpayer's bank information, by electronic filing.
More answers to any questions you may have about EIP
According to the I.R.S., millions of eligible Americans have already received Economic Impact Payments (I.E.P.s) through direct deposits or paper checks. Others are still waiting. The payments are part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act. Here are some answers to your questions about EIP.
Who is eligible for an I.E.P.?
Qualified taxpayers who filed in 2018 or 2019 and opted for a direct refund of refunds automatically receive an impact payment. You must be an American citizen or a foreign national domiciled in the U.S. and cannot be declared dependent on another person's tax return. In general, you must have a valid social security number and an adequate gross income (A.G.I.) below a certain threshold.
The I.R.S. also indicates that automatic payments will be directed to people receiving old-age disability or social security benefits and rail benefits.
How much are the payments?
EIP can reach $ 1,200 for individuals or $ 2,400 for couples, in addition to $ 500 for each eligible child.
How much must I have to receive payment?
No income is required to receive a payment. But for high-income people, the payments are cut. The EIP is reduced from 5% of the excess of $ 75,000 ($ 112,500 for the head of households or $ 150,000 for married taxpayers) until it is $ 0.
Payment for eligible persons, without qualified children, is reduced to $ 0 once A.G.I. reaches:
$136,500 for heads of household, and
$198,000 for married joint filers,
$99,000 for all others
Each of these threshold values increases by $ 10,000 for each additional eligible child. For example, since families with an eligible child receive an additional $500, the payment of $ 1,700 ($ 2,900 for married tax filers) is reduced to $ 0 when the adjusted gross income reaches:
$146,500 for heads of household,
$208,000 for married joint filers,
$109,000 for all others
Is there a way to check the status of a payment?
The I.R.S. has introduced a new online tool, "Get My Payment," which will show taxpayers the value of their EIP and the expected delivery date by direct deposit or paper check or that no payment has been scheduled. It also enables taxpayers who did not use the deposit directly during the last deposit to provide bank account information. To use the tool, you will have to information such as your social security number and birth date. You can access it here: .
Is there a way to speed up my payment?
Providing your account number to the I.R.S. so that funds are deposited directly is the quickest way to pay you. If you have already recorded your returns in 2018 and 2019, but have not provided your bank details for direct deposit, use the "Receive my payment" application on the official website of the I.R.S. to provide your bank account numbers. Those who are not required to file tax returns for 2018 and 2019 can complete the new simple tax return recently published by the I.R.S. This tool will require general information, which will allow direct deposit of funds.
The I.R.S. encourages taxpayers to file returns in 2019 as soon as possible to speed up this process.
