A new online tool has been launched to assist taxpayers to obtain the IRS stimulus payments.
Taxpayers can check their eligibility for the payment, track the status of the payment, and enter US bank account details in order to receive a direct deposit from the IRS.
The IRS is now in the process of issuing payments, which are being automatically issued to taxpayers who:
- have filed a US individual income tax return for 2018 or 2019,
- had Adjusted Gross Income (AGI) of less than US $99,000 (single filers)/US $198,000 (joint filers) on the later of the two above-mentioned returns, and;
- whose return contained a US bank routing and account number.
Payments are US $1,200 (single filers)/US $2,400 (joint filers) for taxpayers who filed a 2018 or 2019 return with AGI reported of up to US $75,000/US $150,000.
Filers with income over these thresholds and up to US $99,000/US $198,000 qualify for an abated amount.
Taxpayers who do not meet the above requirements to receive an automatic payment may still qualify by checking their eligibility and entering their account information online. This category of taxpayers includes:
2. People who haven’t filed a 2018 or 2019 US tax return.
3. People who have filed a 2018 or 2019 US tax return containing no bank account information.
Taxpayers do not file, but who receive benefits such as Social Security will automatically receive the payment. The IRS states that they do not need to enter payment information.
Taxpayers who do not qualify based on their 2018 or 2019 AGI, but meet the above-mentioned AGI thresholds for 2020 will be able to claim a credit on their 2020 return.
Taxpayers who do not have a US bank account will receive a paper check. It is envisaged that it could take several months due to current US conditions to arrive.
Go to https://www.irs.gov/coronavirus/economic-impact-payments to access the above information.
Alternatively please contact us for assistance.