New IRS Tool To Update Stimulus Check – Direct Deposit
May 11, 2020 in IRS Info, Tax Info
Thanks to the CARES Act, millions of Americans qualify to receive an Economic Impact Payment, also known as a coronavirus stimulus check. Since the passing of this economic relief package on March 27th, many qualifying citizens have wondered when and how they’ll get their payment. While this was a subject of mystery for some weeks, the IRS has now created a tool that allows qualifying taxpayers to view the status of their stimulus check and update their direct deposit information.
Features of the New IRS Get My Payment Application
The new Internal Revenue Service tool, Get My Payment, allows taxpayers to do the following:
- Get their payment status, including when their payment is scheduled to be mailed or deposited into their bank account.
- View their payment type, which will be either direct deposit or a paper check that will be mailed.
- Enter bank account information to set up or update direct deposit information, when eligible. Those who already have a payment date scheduled will not be able to use this feature.
How To Use the IRS Get My Payment Tool
To use the IRS Get My Payment online tool, visit the Get My Payment page on IRS.gov. The IRS website states that you should have your 2018 and/or 2019 tax return information available when you use Get My Payment, since you may need information from your filed returns to use the tool.
When you use the IRS Get My Payment application, you’ll need to enter some key information, including your social security number or individual tax ID number, your date of birth, your street address, and your zip code or postal code. While it doesn’t explicitly say so on the IRS website, the information you enter on the Get My Payment page needs to match the information the IRS has on file, which will generally be from your last filed federal tax return.
When Will Stimulus Payments Be Sent?
Some stimulus payments have already been sent by direct deposit or through the mail, while others are pending or yet to be scheduled. According to the IRS website, the IRS will mail a letter about your Economic Impact Payment within 15 days of payment to the address they have on file for you. This letter should include information on when the payment was sent, how the payment was made, and how you can report any failure to receive payment.
Who Qualifies for a Stimulus Payment?
If you’re not sure whether or not you qualify for the coronavirus stimulus check, you can use the Get My Payment tool to check your eligibility. Alternatively, you can review the IRS guidelines for eligibility, which are as follows:
- U.S. citizens and U.S. resident aliens are eligible to receive the full $1,200 stimulus payment if they have a work eligible Social Security number, if they are not a dependent of another taxpayer, and if their adjusted gross income is up to:
$75,000 for individuals with the filing status single or married filing separately
$112,500 for head of household filers
$150,000 for married couples filing joint returns
- Otherwise qualifying taxpayers can receive a reduced payment if their adjusted gross income was between:
$75,000 and $99,000 for individuals with the filing status single or married filing separately
$112,500 and $136,500 for head of household filers
$150,000 and $198,000 for married couples filing joint returns
Do You Need to File Your 2019 Income Tax Return To Receive Your Stimulus Payment?
If you filed for the 2018 tax year, you do not need to also file your 2019 federal income tax return before you can receive your stimulus check. The Treasury Department and IRS have stated that they can determine Economic Impact Payment eligibility and send a payment based on the personal information they have on file from an individual’s 2018 tax return. The IRS website states that qualifying individuals who filed for 2018 will automatically receive their stimulus money, as will all qualifying individuals who receive Social Security retirement, disability (SSDI), survivor benefits, Supplemental Security Income, Veterans Affairs Compensation and Pension (C&P) benefits, or Railroad Retirement (RRB) benefits.
If you qualify for the stimulus check but do not usually file a tax return because you are not required to, you also do not need to file a 2019 tax return to receive a COVID-19 pandemic stimulus payment. Qualifying non-filers can use the IRS Non-Filers: Enter Payment Info Here Tool to enter their bank information or provide the IRS with their current mailing address.