Economy

TurboTax Rolls Out Free Tool For Faster Stimulus Payments

Online tax preparation service TurboTax has announced that it is rolling out a free, stimulus registration solution to assist people who are not required to file a tax return.

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. The IRS will be using federal tax returns from 2018 or 2019 to determine eligibility. People who don’t file are at risk of losing out on the money.

People earning less than $75,000 (or $150,000 for married couples) are entitled to get one-time government stimulus checks of up to $1,200 for individuals or $2,400 for joint-filers. Children under 17 are eligible for $500 payments.

TurboTax teamed up with the IRS and volunteered to develop a tool to help non-filers get their money. The TurboTax Stimulus Registration solution will help people send the IRS a minimal tax return to ensure payment. The IRS said that people should opt for direct deposit to speed up the payment.

People who already filed taxes for 2019 and those who are receiving Social Security don’t need to do anything. They can, however, see how much they will receive by checking the TurboTax Stimulus Check Calculator.

TurboTax recommends that people should file their 2019 tax return as soon as possible so they can get refund checks and stimulus money faster. It’s also a good way to ensure the IRS has current and accurate information on file.

“We know people are struggling financially, and every dollar matters right now so if you haven’t filed your 2019 tax return yet, you’re missing out on the fastest way to receive both a refund and a stimulus payment,” said Greg Johnson, executive vice president and general manager of Intuit’s TurboTax business. “Our goal is always to help people get the money they deserve at tax time. We’ve been working around the clock to ensure Americans have the ability to get their maximum refund and their stimulus payment, including providing for those that do not need to file a tax return, to have a seamless experience to get their stimulus money as quickly as possible.”

The Stimulus Registration product is free and can be accessed online at the TurboTax Stimulus Center.

The federal tax filing deadline in 2020 has been waived in the wake of coronavirus disruptions.

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