Impact payments on the way

The US Government has started issuing Economic Impact Payments to help people with the financial impact of the COVID-19 pandemic. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.

For those who normally do not have to file taxes, the IRS has launched a new online tool to help people receive their payment. The tool is available at irs.gov/coronavirus/non-filers-enter-payment-info-here. There is no cost to use this website. You will need to provide the IRS the following information; full name, address, email address, date of birth, a valid Social Security number for each person, bank account and routing number, driver’s license or state issued ID. You will be asked to create an account with a user ID and a password. Once you have entered in all of your information the IRS will send you a email either confirming you entered everything correctly or they may request additional information.

How do you know if you should use the Non-Filers tool?

The IRS has also posted guidelines on their website. US citizens or permanent residents who cannot be claimed as a dependent and had a gross income of less than $12,200 or $24,000 for a married couple in 2019 or if you were not other wise required to file a 2019 income tax return, can use this tool to sign up for the Economic Impact Payment.