![]() The challenge will be making sure those people are aware of the tool and helping those who don’t have access to the Internet at home, she said. The new tool is “very straightforward, and likely much faster, than requiring non-filers to fill out and submit a tax form,” said Erica York, an economist at the Tax Foundation. ![]() They won’t have to provide any income information. Instead, it created an online tool that asks for basic information including names, date of births, and Social Security numbers for the person filing and his or her dependents. Generally, these are individuals who did not earn more than $12,200 last year or married couples who did not earn more than $24,400.īut they won’t have to file a whole new form, as earlier guidance from the IRS suggested. There are millions of low-income people who are not normally required to file tax returns that will have to take some action before receiving their stimulus money. However, taxpayers won’t be able to update their bank information once the payment is already scheduled for delivery, and it won’t allow you to update bank information already on file, the Treasury Department said. ![]() To do so, a taxpayer will need to submit their adjusted gross income from their most recent tax return, the refund or amount owed that year, as well as the account and routing numbers for their bank account. That might not be you if you haven’t received a tax refund over the past two years – or if you received a refund by a check in the mail, rather than by a direct deposit.īut the Get My Payment tool, which launched Wednesday, will also allow taxpayers to input their bank account information so that they can receive the money electronically rather than by a paper check – which could take weeks, or even months. The IRS is first sending money to those for whom it has bank account information on file. The amount will then be reduced by $5 for every additional $100 of adjusted gross income. Individuals and heads of households are due up to $1,200 and married couples will receive up to $2,400 – plus $500 per child.īut payments start phasing out for individuals with adjusted gross incomes of more than $75,000, heads of households earning more than $112,500, and married couples who earn more than $150,000. It also won’t affect refund payments for 2019. It won’t be taxed as income and won’t be offset by any back taxes owed. Those who can be claimed as a dependent for tax purposes, like many college students, are also ineligible for the payments, as well as undocumented immigrants who don’t have Social Security numbers.īut everyone else should receive some money. For a typical family of four, the amount is completely phased out for those with incomes exceeding $218,000. The phase-out limit depends on how many children they have. ![]() The Treasury Department suggested checking again because it only updates the tool once daily, usually overnight.Įligibility is largely based on income, and it excludes individuals earning more than $99,000, head of household filers with one child who earn more than $146,500, and married couples without children earning more than $198,000.įamilies earning a little more may still be eligible if they have children. Some people who used the tool on Wednesday received a message that their payment status was not available. You’ll need to enter your Social Security number, date of birth and mailing address in order to track your payment, the Treasury Department said. ![]() It launched Wednesday and is available on the IRS website. The IRS created an online tool, called Get My Payment, that can be used to check on the status of your money. How do I check on the status of my payment? Still, the Treasury Department has said that “a large majority of eligible Americans” will receive the payments, which were authorized under the $2.2 trillion congressional coronavirus relief plan in March, by April 24. Those who haven’t been required to file a return during the past two years may have to submit some information online before receiving the payment. Calculator: How much will I get from the stimulus bill?.Timing: When you’ll get your stimulus cash.Before you file: How unemployment benefits work.What you need to know about the stimulus bill ![]()
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