Coronavirus

IRS Launches ‘Get My Payment’ Site To Track COVID-19 Stimulus Payments

No need to wonder whether your stimulus check is on its way.

The Internal Revenue Service (IRS) launched a “Get My Payment” tool Wednesday (April 15) to track payments of the coronavirus relief money included in a federal economic stimulus bill.

“The IRS is committed to helping you get your Economic Impact Payment as soon as possible,” the agency said in a statement. “The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.”

The IRS said the service is unavailable for residents expecting paper checks. But it will allow taxpayers to provide their bank account information so they can receive it by direct deposit. The online platform is similar to the way taxpayers can track their federal tax refund.

President Donald Trump signed the $2.3 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act nearly three weeks ago.

The stimulus bill provides $1,200 for each income-eligible taxpayer, $2,400 for couples, plus $500 per dependent.

There are limits. Adjusted gross income cannot exceed $75,000 for individuals, $112,500 for head of households, and $150,000 for married couples filing joint returns.

Taxpayers will receive a reduced payment if their adjusted gross income is between $75,000 and $99,000 if their filing status was single or married filing separately; $112,500 and $136,500 for head of household; and $150,000 and $198,000 if their filing status was married filing jointly.

The stimulus money is intended to help mitigate the economic damage from the ongoing coronavirus pandemic. A recent PYMNTS survey indicated 60 percent of Americans are living paycheck to paycheck.

To check status, taxpayers must have filed their 2018 or 2019 taxes. If not, the federal tax agency said people must file a 2019 tax return to receive the payment.

The IRS website states this option will be unavailable if a paper check has already been scheduled.

To check eligibility and complete filing requirements, consumers can go to this site.

Americans who have not filed tax returns for the last two years can get payment information here. This application should not be used by those who receive Social Security retirement, disability, or survivor benefits or Railroad Retirement and survivor benefits, the IRS added.

The deadline to file and pay federal income taxes has been extended to July 15.

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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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