The Internal Revenue Service started sending out stimulus payments this week — but while 80 million people had money hit their bank accounts Wednesday, others will be waiting longer before they receive theirs.
The first payments goes to those who’ve already filed their 2018 or 2019 tax returns and authorized the Internal Revenue Service to make a direct deposit if they were due a refund. Social Security recipients will also automatically receive their payments on their May check.
There are tens of millions of people who don’t fall into those categories. Taxpayers who haven’t authorized a direct deposit and those who haven’t been required to file a return during the past two years. These groups can update their bank information using Treasury’s new web portal, which went live Wednesday.
How do I check on the status of my payment?
The IRS created an online tool, called Get My Payment that can be used to check on the status of your money. It launched Wednesday and is available on the IRS website. You’ll need to enter your Social Security number, date of birth and mailing address in order to track your payment.
How much will I get?
Individuals are due up to $1,200 and couples will receive up to $2,400 — plus $500 per child.
But payments start phasing out for individuals with adjusted gross incomes of more than $75,000 and married couples who earn more than $150,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income.
How can I get my money faster?
The IRS is first sending money to those for whom it has bank account information on file. 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. 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. 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. 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.
What if I haven’t filed a tax return?
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.
These are individuals who did not earn more than $12,200 last year or married couples who did not earn more than $24,400.
The IRS has 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. They won’t have to provide any income information.
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