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New IRS Tool

Waiting by the postboax? The IRS has launched a new tool on its website to track your Economic Impact Payment.

Use the IRS tool to find out your eligibility

The page is dedicated to information about the stimulus payments including how to determine if your are eligible, what to do if you did not file a tax return, and how to change your mailing address or bank information.

Just click on the Get My Payment button and…. wait. Yes, the site is very busy as you can imagine.

And if you have not filed your 2019 tax return you should know that currently the IRS is not processing paper returns, only electronic. If you need to file, electronic is the best way to go right now. Otherwise, you will have to wait for the IRS offices to reopen for processing paper statements.

And if you are a non-filer, meaning you don’t have a requirement normally to file, then you can enter your information on the site and get your stimulus payment. You will have to go through several steps and enter your name, date of birth. social security number and set up an account on the IRS FreeFile tool.

Economic Impact Payment

There has been a lot of speculation in the news about when the stimulus checks will arrive. After almost a month of sheltering in place, and many being unemployed for as long, when those payments will arrive has become a vital piece of information.

Stimulus payments on the way…

According to Larry Kudlow, director of the U.S. National Economic Council, and an economic adviser to the President, the checks will start being sent out as early as this week.

Approximately 175 million Americans will receive stimulus payments. When they will arrive is unknown exactly. Treasury has said that any qualifying taxpayers who recently used a bank for direct deposit on their tax return will get them first, automatically into their account.

And if you are wondering exactly how much you will get you can refer to IRS.gov for more information. If your adjusted gross income is less than $75,000 for single filers, and $150,000 for married filers you will receive the full payment of $1200 per adult, $500 per qualifying child.

What is the money? According to the American Enterprise Institute the checks are technically an advance on the refund you would receive on your 2020 tax return. But, so far, it looks like if you do not qualify for a refund you will not be required to pay it back. And it is very likely that Congress will create some sort of disaster relief package for tax filers due to the pandemic in 2020.

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