Get Your IRS Stimulus Check Faster!
The first round of IRS stimulus checks is set to arrive this week. However, millions of Americans who are still waiting can follow these steps to get their checks sooner.
Checks, totaling $1,200 for qualifying individuals, with banking data on file with the IRS will be among the 80 million will get checks first. Those with no bank account info on file will get theirs mailed and will likely wait for a few weeks.
But don’t worry! The government created some handy online tools to speed the process. So if you’re in a lower-income bracket and not required to file a tax return keep reading!
DON’T FILE A TAX RETURN? NO PROBLEM!
The IRS has set up an online portal where individuals who didn’t file tax returns for the last two years can submit bank account information to get their stimulus money faster.
This is for anyone who DID NOT submit a 2018 or 2019 federal income tax filing because their gross income was under $12,200 (or $24,400 for married couples), or who weren’t required to file a return for any other reasons.
The IRS states that anyone receiving Social Security and Railroad Retirement benefits doesn’t need to fill out the form because the IRS will access and use information from other forms to deliver payments via direct deposit or paper check.
The Social Security Administration has advised those individuals to use the online portal if they have a dependent child under the age of 17. Or they will wait longer to receive the additional $500 for each qualifying child in addition to the $1,200 individual payment.
IF YOU DID FILE A TAX RETURN
So, even if filed a tax return you might still be waiting. That’s maybe due to the IRS not having your direct deposit information. Not to worry — Here’s an online tool to use.
To make things even easier, the IRS has a “Get My Payment” tool where tax filers can submit banking data so you can get your stimulus check quicker. Any taxpayer who had a change of address since their last filing should update their address with the IRS. Obviously, the more current information the IRS has will help avoid delays.
All told, there are plenty of Americans who are not eligible for the stimulus checks. This would include anyone without a valid Social Security number, undocumented immigrants, non-resident aliens, and students who can be claimed as a dependent on their parents’ or guardian tax return. Those with higher incomes — over $99,000 for individuals, $136,500 for a head of household or $198,000 for married couples — are also ineligible, according to the IRS.
We hope these tips help and be sure to spend your money wisely.