By Keiter CPAs
The IRS Opens New Web Portal for Taxpayers to Submit Direct Deposit Information for Economic Impact Statements
Taxpayers who are not required to file annual returns can use the IRS’ new web portal to submit basic personal and financial information necessary in order to receive Coronavirus (COVID-19) economic impact statements.
Using ‘Non-Filers: Enter Payment Info Here’
The new ‘Non-Filers: Enter Payment Info Here’ web portal is a tool for Americans who are not required to file tax returns and had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019, or were not otherwise required to file a federal income tax return for 2019, and didn’t plan to. Social Security recipients who didn’t file a tax return in 2018 or 2019 don’t need to take any action since payments will be made the same way they receive Social Security income.
Taxpayers can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info Here. The information provided will be used to determine the eligibility and payment amount of the Economic Impact Payment. After providing this information, no additional actions are required.
According to Treasury Secretary Steven Mnuchin, the IRS is due to launch a separate “Get My Payment” app later in April. This would allow taxpayers who filed a 2018 or 2019 tax return without their direct deposit information to update that information with the IRS and get their payment quicker electronically than by a check through the mail.
When are payments expected to arrive?
Payments are to be dispersed during the week of April 13 for eligible individuals who filed tax returns for either 2018 or 2019 and chose direct deposit for their refunds. However, the IRS warns it could take up to five months for some taxpayers to receive the payments.
Additionally, the IRS is exploring ways to automatically make the payments to veterans receiving disability payments or families getting survivor benefits, as well as for Supplemental Security Income (SSI) recipients.
We are closely monitoring this evolving and unique economic situation. We will keep you updated and informed on how to respond to these and additional tax and regulation changes as they are announced.
About the Author
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.