The IRS has two websites to help with stimulus payments: One for non-tax filers to register to receive their economic impact payment and a new “Get My Payment” tool.
As a response to the COVID-19 pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is being sent to married taxpayers with income less than $150,000 ($198,000 with phaseouts). An additional $500 is being sent for each child under the age of 17.
The payments are being made based on 2019 or 2018 tax returns. If you do not need to file a tax return for either of these years, you run the risk of not receiving this payment.
The IRS launched a way to register to receive your payment and to determine the status of your payment. Here are the websites:
- Non-filers: If you are not required to file a 2019 and/or a 2018 tax return, visit https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment.
- Payment status and direct deposit registration: There is also an IRS app called “Get Your Payment” to register to receive your payment via direct deposit. Visit https://www.irs.gov/coronavirus/get-my-payment. Also use this tool to review the status of your payment.
Who should use the app for non-filers
If you fall into one of the following cases, you need to review whether it makes sense to use the app mentioned above for non-filers:
- Not required to file. If you are not required to file a tax return in either 2018 or 2019 but otherwise qualify to receive a stimulus payment, using this tool or other tax filings is the only way to receive the payment.
- College students. If you are not a dependent on someone else’s tax return, you need to look into using this tool. If you are a dependent, it may also be worth a conversation to see if you can or should change your filing status in 2019 in order to receive this payment.
- Seniors. Seniors that do not file tax returns in 2018 or 2019 will eventually receive the payment based upon their Form 1099-SA or railroad retirement information. The non-filer site asks you not to register, but you may receive the payment sooner AND protect your identity from would-be thieves by filing a tax return.
Who should NOT use the app for non-filers
DO NOT use the app for non-filers if you will be filing a 2019 return. If you are required to file a return, using this tool will not speed up your stimulus payment and will likely slow down processing of your tax return and receiving any refund.
As always, should you have any questions or concerns regarding your tax situation please feel free to call.