Where’s my stimulus money? IRS updates website to answer questions, post new info
Given the response to the recent IRS update about how many economic impact payments have been distributed in Washington, more than a few News Tribune readers have yet to receive their payment.
Many people want more information on when, exactly, the money is arriving in their accounts.
The IRS recommends going to to irs.gov and go to the “Get My Payment Frequently Asked Questions” portion of the website.
The questions and answers continue to be updated, with dates now posting for the last time a question was addressed.
New guidance offered April 26, for example, details how long it takes to get an update of when a payment is being sent.
According to the page: “If you enter your bank information in Get My Payment any day until noon on Tuesday, your payment date will be available beginning the following Saturday in Get My Payment. If you enter your bank information after noon on Tuesday, your payment date should be available beginning the Saturday after next in Get My Payment.”
It added, “There may be times when your payment may be sent by mail because the payment was already in process before the bank information was entered. If this is the case, then typically it will take up to 14 days to receive the payment (standard mailing time).”
The payments are the result of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and are meant to help households meet expenses during the coronavirus pandemic and the subsequent waves of unemployment and furloughs amid business shutdowns.
The payments start at $1,200 for individuals and can vary depending on adjusted gross income on your taxes and number of dependents claimed.
The payments continue to go out each week. Social Security recipients, for example, may start seeing payments by April 29, according to The Washington Post.
Deadline looms for certain non-filers with dependents
Additionally, a deadline is looming for a certain segment of the population to update their information to receive additional money for dependents.
According to an IRS advisory April 27, those receiving Supplemental Security Income and Department of Veterans Affairs beneficiaries “must act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.”
According to a news release from the IRS: “Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount will be paid in association with a return filing for tax year 2020.”
To register, go to irs.gov/coronavirus/non-filers-enter-payment-info-here.
According to the IRS, “SSI and VA recipients who receive Compensation and Pension (C&P) benefit payments should receive their automatic payments by mid-May.”
Guidance for low-income recipients
Others may find the non-filing link helpful, too.
According to an April 28 advisory, the non-filers tool is there “for people with incomes typically below $24,400 for married couples or less than $12,200 for single people. This includes couples and individuals who are homeless. People can qualify, even if they do not work.”
However, “Anyone claimed as a dependent by another taxpayer is not eligible.”
Who shouldn’t use it? According to the IRS:
“Anyone who already filed either a 2018 or 2019 return does not qualify to use this tool. Similarly, anyone who needs to file either a 2018 or 2019 return should not use this tool, but instead they should file their tax returns. This includes anyone who files a return to claim various tax benefits, such as the Earned Income Tax Credit for low-and moderate-income workers and working families.”
Additionally: “Students and others who file a return only to receive a refund of withheld taxes should also not use this tool. In addition, students and others claimed as dependents on someone else’s tax return don’t qualify for an Economic Impact Payment and are not eligible to use the Non-Filers tool.”
This story was originally published April 29, 2020 at 5:00 AM with the headline "Where’s my stimulus money? IRS updates website to answer questions, post new info."
