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As you might already know, Congress recently passed the CARES Act, which authorized direct financial assistance up to $1,200 per individual and $500 per child. For the vast majority of Americans, no action is required to receive your stimulus check and direct deposits will begin next week; however, for those who don't normally file a tax return, the IRS has just launched a new web tool allowing quick registration for Economic Impact Payments. Another online tool is available for those who have already filed taxes but need to update their direct deposit information.
If you receive veterans disability compensation, a pension, or survivor benefits from the Department of Veterans Affairs, or your income level does not require you to file a tax return, then you need to submit information to the IRS to receive an Economic Impact Payment. The new non-filer tool provides a free and easy option designed for people who don't have a return filing obligation so that the IRS can identify you and your dependents, receive valid direct deposit and verify your home address. This information allows the IRS to calculate your eligibility and send you the Economic Impact Payment.
Here is additional information to help you determine if you need to use this tool:
Who is eligible for the Economic Impact Payment?
U.S. citizens or resident aliens who:
- Have a valid Social Security number,
- Could not be claimed as a dependent of another taxpayer, and
- Had adjusted gross income under certain limits.
Who will receive the Economic Impact Payment automatically without taking additional steps?
Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments including:
- Individuals who filed a federal income tax for 2018 or 2019
- Individuals who receive Social Security retirement, survivors, or Social Security Disability Insurance benefits
- Individuals who receive Railroad Retirement benefits
Who should use this new tool to provide additional information to receive the Economic Impact Payment?
In short, eligible U.S. citizens or permanent residents who had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019 or were not otherwise required to file a federal income tax return for 2019, and didn't plan to. Here are some other specific circumstances that may apply to you:
- Lower income: Among those who could use this new tool are those who haven't filed a 2018 or 2019 return because they are under the normal income limits for filing a tax return. This may include single filers who made under $12,200 and married couples making less than $24,400 in 2019.
- Veterans beneficiaries and Supplemental Security Income (SSI) recipients: Individuals in these groups do not need to take any action in order to receive your economic impact payment. The payment will be automatic.
- Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents: These groups will automatically receive $1,200 Economic Impact Payments; however, individuals in this group who have qualifying children under age 17 may use this new tool to claim the $500 payment per child.
- New beneficiaries since January 1, 2020 of either Social Security or SSI benefits: If you fall in this category and did not file a tax return for 2018 or 2019, you should use this tool to enter your information.
- Students and others: If someone else claimed you on their tax return, you will not be eligible for the Economic Impact Payment nor to use the non-filer tool.
If you meet these criteria, you can provide the necessary information to the IRS easily and quickly for no fee here.
Information You Will Need To Provide
If you determine that you meet these criteria, here is information you will need to have ready:
- Full name, current mailing address and an email address
- Date of birth and valid Social Security number
- Bank account number, type and routing number, if you have one
- Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year, if you have one
- Driver’s license or state-issued ID, if you have one
- For each qualifying child: name, Social Security number or Adoption Taxpayer Identification Number and their relationship to you or your spouse
Coming Next Week
- Automatic Payments Begin: Eligible taxpayers who filed tax returns for either 2019 or 2018 and chose direct deposit of their refund will automatically receive an Economic Impact Payment of up to $1,200 for individuals or $2,400 for married couples and $500 for each qualifying child. These payments will begin next week. Additionally, individuals who receive Social Security retirement, survivors or disability benefits, SSDI or who receive Railroad Retirement benefits but did not file a return for 2019 or 2018 will automatically receive a payment before the end of the month.
- Check Your Status and Provide Direct Deposit Information: To help everyone check on the status of their payments, the IRS is building a second new tool expected to be available for use by April 17. This website 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. An additional feature on this website will allow eligible people a chance to provide their bank account information so they can receive their payment more quickly rather than waiting for a paper check.
Finally, the following resources are also available to explain the details of how this money will be distributed:
- Click here for the IRS website
- Click here for Direct Financial Relief Frequently Asked Questions
- Click here for Updated Guidance To Receive Individual Assistance
As always, your 18th District Congressional Offices are open and ready to help. Please do not hesitate to contact the office at 202-225-3026 if you have any questions or need any assistance. You can also learn more and sign up for breaking coronavirus news alerts here.