IRS launches new on-line tool to help non-filers register for Economic Impact Payments & April 17th the IRS will launch Get My Payment
The IRS has announced the launch of a new online tool that will offer those taxpayers who don’t normally file federal tax returns, and other eligible persons, “quick registration” for the Economic Impact Payments scheduled to be distributed as part of relief packages addressing the novel coronavirus (COVID-19) pandemic. The tool is described as providing a free and easy option for those persons who didn’t file or aren’t obligated to file a federal return, including those with income below the filing threshold, or those who don’t receive Social Security retirement or disability benefits or Railroad Retirement benefits.
Who should use the non-filer on-line tool:
Persons who didn’t file or aren’t obligated to file a federal return, including those with income below the filing threshold, or those who don’t receive Social Security retirement or disability benefits or Railroad Retirement benefits.
The IRS advises that although it continues to explore whether Economic Impact Payments can be made automatically to Supplemental Security Income recipients and those non-filers who receive veterans disability compensation, pension, or survivor benefits from the Department of Veterans Affairs, such persons may use the tool, going to Non-Filers: Enter Payment Info option (or they can wait for the IRS to review potential automatic payment options).
Also, the IRS says that Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents will automatically receive $1,200 Economic Impact Payments, but people in this group who have qualifying children under age 17 may also use Non-Filers: Enter Payment Info to claim the $500 payment per child.
However, the IRS notes that students or others who are claimed as dependents on someone else’s return won’t be eligible for an Economic Impact Payment or, accordingly, to use this tool.
How to use the on-line tool:
To locate the tool, users will need to go to Non-filers: Enter Payment Info here, and provide basic information, including Social Security number, name, address, and dependent information and banking information for direct deposit. The IRS will use this information to confirm payment eligibility and calculations.
Taxes, information security and other concerns:
The IRS states that using the tool in order to obtain an Economic Impact Payment won’t result in any taxes being owed. The IRS also advises potential recipients that entering bank or financial account information will allow the IRS to deposit the payment directly in the recipient’s account (otherwise, the payment will be mailed), that the site is secure, and that the information entered “will be safe.”
Economic Stimulus Payment distribution in general:
In the current Information Release, the IRS again notes that the Economic Impact Payments, which will be distributed starting the week of April 12, 2020, will go automatically to “most people.” To that end, the IRS says that eligible taxpayers who filed their 2018 or 2019 returns and chose direct deposit of their refunds will automatically receive an Economic Impact Payment of up to $1,200 for individuals, or $2,400 for married couples, and $500 for each qualifying child. The IRS also says that automatic payments will go in the near future to those persons receiving Social Security retirement or disability benefits and Railroad Retirement benefits.
More tools and resources:
Finally, the IRS notes that to help recipients check on payment status, the IRS is building a second new tool, Get My Payment, which is expected to be available April 17, 2020 and will provide recipients such status information as the date the payment is scheduled to be deposited into the recipient’s account or mailed. The Get My Payment tool will also allow eligible recipients another chance to enter bank account information so as to receive the payment by direct deposit, rather than waiting for a paper check to be delivered by mail. However, this feature won’t be available if the Economic Impact Payment has already been scheduled for delivery.