Economic News
IRS Introduces New Portal for Non-Filers to Enter Stimulus Payment Info
Since Congress passed the $2 trillion stimulus package that included direct payments for many Americans, there have been several questions about when this money would go out and how individuals could claim their funds. While the Internal Revenue Service (IRS) had previously stated that direct deposit info would be used from 2019 or 2018 tax returns, that left open the question of what would happen with non-filers. Now the IRS has attempted to close that loophole with a new website.
As CNBC reports, the IRS has revealed a portal where those who aren’t required to file tax returns can provide their direct deposit information for quicker stimulus payment. Alternatively, taxpayers can update their information and tell the agency where to send their check. Explaining the purpose of this tool, IRS Commissioner Chuck Rettig stated, “People who don’t have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible.”
According to the IRS site, eligible U.S. citizens or permanent residents who had gross incomes of $12,200 (or $24,400 for married couples) in 2019 or were otherwise not required to file a federal income tax return for 2019 can use the new site to provide the IRS with the information necessary to issue payment “easily and quickly.” They also note that there is no fee for this service. Meanwhile taxpayers who filed either their 2018 or 2019 returns; receive Social Security retirement, survivors, or Social Security Disability Insurance benefits; or receive Railroad Retirement benefits will automatically receive their payments without needing to take any additional steps.
If you’ll recall, the stimulus bill approved by Congress and signed by President Trump included payments of up to $1,200 per adult and $500 per child for many Americans. U.S. citizens or resident aliens with adjusted gross incomes under $75,000 a year (or $150,000 for married couples) would be eligible to receive full figures, while those making more would see their payments decrease by $5 for each $100 over the stated threshold. This would mean that those with AGIs above $99,000 (or $198,000 for married couples) would receive no stimulus funds at this time.
Beyond this non-filers tool, the IRS also says it’s currently working on a “Get My Payment” portal. Expected to launch on April 17th, this tool would not only allow all taxpayers to update their bank account info for faster payment but also enable them to view the status of their payment, including seeing when payment was expected to be delivered into their account. With payment currently slated to start next week as well, hopefully these tools will mean that Americans in need of financial assistance will see that relief arrive sooner rather than later.
