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Update: On April 15, the IRS also launched its ‘Get My Payment’ portal for those who filed taxes to track the status of their stimulus checks
Non-filers, rejoice!
On Friday, the IRS launched a portal where those who are not required to file U.S. Income taxes can submit their direct deposit information, in order to get their stimulus checks from the government as part of the CARES Act.
Those eligible for the stimulus payments include U.S. Citizens who have a valid Social Security number, could not be claimed as a dependent of another taxpayer, or had adjusted gross income under certain limits.
While most people will automatically receive stimulus checks by direct deposit or by mail, the portal will be a way for those who did not file taxes recently to get their banking information to the government. That includes eligible U.S. Citizens or permanent residents who had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019, or “were not otherwise required to file a federal income tax return for 2019 and didn’t plan to.”
According to estimates from the Tax Policy Center, in 2018 44% of people in the U.S. Had zero or negative federal income tax liability.
The portal requires users to submit:
- Name
- Mailing address
- Email address
- Date of birth
- Valid Social Security number
- Bank account and routing info
- Your IRS PIN (if you have one)
- Driver’s license or state-issued ID (if you have one)
- Information for each qualifying child
For those who did file taxes recently, there is nothing further you need to do. If your direct deposit information was on your last tax return, that will ensure your stimulus payment comes as soon as possible. The IRS has also said that it plans to send a letters about direct payments to every taxpayer’s last known address within 15 days of the payment being made. The letter will provide information on the payment, and will specify how to report any failure in receiving the payment.
More must-read finance coverage from Coins2Day:
—How people are planning to spend their stimulus checks
—Debt collectors could seize your stimulus check before you have a chance to use it, lawmakers warn
—When will stimulus checks be direct deposited or mailed? These steps can help ensure yours is not delayed
—Who gets a stimulus check? Millions of tax-paying immigrants won’t
—What to do if you can’t pay your bills this month
—3 strategies small business owners are using to get their SBA stimulus loans faster
—When will your SBA loan be approved? Why the process is moving so slowly
—College educated investors may be more likely to fall for coronavirus scams
—Corporate credit markets do brisk business after Fed help
—Listen to Leadership Next, a Coins2Day podcast examining the evolving role of CEO
—VIDEO: 401(k) withdrawal penalties waived for anyone hurt by COVID-19
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