Getting a ton of questions right now on Recovery Rebates and personal situations. I'm going to recap what we know with these updates and try to answer some common questions.

Treasury will begin processing and send out direct deposits of the so-called Recovery Rebates next week. They should start arriving mid-week.

The checks are $1,200 per person and $500 per child. Checks begin phasing out at $75,000 AGI for single households, $150,000 AGI for married couples, and $112,500 for single filers with kids. So a single filer would receive some amount, but less than $1,200, up to $98,000 in AGI.

These rebates are based on 2020 income, but the IRS will advance them to you based on 2018 or 2019 income, whichever they have. They will also use Social Security records for the elderly.

If they have your direct deposit information, which is many Americans, they will use that. If they don't, you'll mail you your rebate. But starting next week, there will be a website where you can provide your direct deposit information if the IRS doesn't have it.

You will also be able to check the status of your rebate on that website too, known as Get My Payment.

The IRS has also created a new tool for nonfilers, low-income households who are below filing thresholds, along with SSI and VA recipients. Those individuals can now provide a few pieces of information to ensure the IRS has their information.

That won't solve the issue for all nonfilers; many won't have internet access. But it's something. If you know nonfilers, reach out to them and try help them through this process.

Now, some other questions. First up, qualifying children. It's $500 per child under the age of 17 in 2020. There is no limit to the number of $500 payments you can receive. If you have five qualifying children, you get $2,500.

However, we don't know everything yet here. What about children born in 2020? As of now, that would be reconciled on your 2020 return. What about children on your 2019 return, who are now 17? We aren't sure if Treasury is adjusting those amounts.

Next: Individuals with sudden changes in income. The IRS is going to send your pymts, based on 2018 or 2019 income. Some likely didn't qualify, but now will in 2020 due to a lost job. As of now, we don't know if Treasury will allow them to update their income.

I imagine that is coming, but nothing is official here. Worst case, they get it when they file in 2020, though we all know they'd rather that money now.

Next question: What about if your income increases in 2020? Here the math works in your favorite. You won't need to repay any overage next year when you file. The IRS will consider it a "math error" on their part.

Next question: How can I check the status? Next week, the IRS is releasing a tool where you can check the status of *your* payment.

Next question: I think the IRS has my direct deposit info, but I don't know. Next week, the IRS is releasing a tool where you can check your direct deposit information and update it.

Next question: Should I rush to file 2019 taxes? That is going to depend on your situation. For some, you should be running to file to ensure you qualify. For others, it would limit your payments.

Next question: Who doesn't qualify? A few groups here: adult dependents, children aged 17 and 18, nonresident aliens, and individuals without a SSN.

Next question: Do I need to do anything? If you have filed your 2018 or 2019 taxes or you receive Social Security, nope. Just be patient. For those who haven't filed, you will need to file either a full return or use the nonfiler site if you are a nonfiler.

Next question: What about married filing separately? Your phaseouts are the same as single filers. It begins at $75,000.

Next question: What about XXXX, some situation you haven't answered yet Nicole? Continue to monitor the IRS website for updates. https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments