Coronavirus

IRS Launches Consumer Portal For Getting Stimulus Checks

A new IRS portal for coronavirus relief payments has been launched in conjunction with the U.S. Treasury to assist people who don’t typically file taxes. 

The non-filer tool can be used by U.S. citizens and resident aliens who are not claimed as dependents and had gross income below $12,200 ($24,400 for married couples) in 2019,  according to the IRS site. Users must also have a valid Social Security number. 

“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,” Chuck Rettig, IRS commissioner, said in a statement on Friday (April 10). “The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people.”

The IRS said that the majority of people who filed taxes for 2018 or 2019 will automatically get Economic Impact Payments starting next week. The payments are part of the $2 trillion CARES Act passed last month to mitigate the economic damage caused by the COVID-19 pandemic. Automatic payments will also be sent in the coming weeks to people on Social Security, those who receive survivors or disability benefits and people getting Railroad Retirement benefits.

The Enter Payment Info tool requires basic information — Social Security number, dependents, address — that the IRS will review in order to confirm eligibility. Using the tool does not result in any taxes being owed. 

People who provide banking information will get a direct deposit; everyone else will get a check mailed to the provided address.

The IRS is also launching another tool that will give people the status of their payment. The Get My Payment tool is scheduled to launch on April 17. 

“Get My Payment will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them,” the IRS said.

Earlier this month, TurboTax launched a free tool for people who don’t file taxes. There are roughly 10 million people in the U.S. who are not required to file taxes, and some 80 percent are eligible for a stimulus check. 

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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