The Internal Revenue Service on Wednesday launched an online tool to allow taxpayers to give the agency their direct deposit information to help speed up the coronavirus relief payments to Americans. The IRS’s “Get My Payment” app allows taxpayers who did not give the agency direct deposit information when filing taxes in 2018 or 2019 to submit their bank information through the portal in order to expedite their payment delivery. The majority of eligible Americans – more than 80 million, according to Treasury Secretary Steven Mnuchin – who filed their taxes in 2018 and/or 2019 and received a refund via direct deposit had received their stimulus relief payments by Wednesday. Those who do not file taxes are also now able to go to the IRS website and use the “Non-Filers: Enter Payment Info Here” section to enter their bank information in order to receive their payment faster than they would via regular mail. Some Americans can expect to receive paper checks in the mail, but that method of delivery could take months. As part of the CARES Act, people who file their taxes as individuals are eligible for payments up to $1,200, and couples who file jointly are eligible for up to $2,400 plus an additional $500 per child under the age of 17. The amount decreases for individuals who earn an adjusted gross income of more than $75,000 and couples who earn more than $150,000 a year, by $5 for every $100 in income above those marks. This means the payment is less the higher their earnings are, with it being reduced to zero for individuals who make $99,000 or more and couples who make $198,000 or more. People who file as heads of household are eligible for payments of up to $1,200 plus $500 per child under 17. That amount is reduced for people who earn an adjusted gross income of more than $112,000 a year. The extent to which it is decreased depends on how many children they have. Payment amounts may also be offset by any past due child support payments that have been reported to the Treasury Department. The payments do not count as taxable income. Similarly, they do not count for determining eligibility for federal programs like Supplemental Security Income. Click here for more information:
Definitely something to look into if you’re eligible!