Associated Press
The IRS is sending automatic stimulus payments starting next week.
- On Friday, the IRS debuted a free online tool so people who don't file taxes can speed up their stimulus payment.
- The tool is available to people who didn't have a tax liability in 2018 or 2019, veterans beneficiaries, and Supplemental Security Income (SSI) recipients.
- The tool asks for payment information, Social Security number, mailing address, date of birth, and number of qualifying children in order to create and submit a simple tax return.
- Read more personal finance coverage.
The IRS and Treasury Department released a free online tool on Friday to help speed up stimulus payments for non-filers.
"People who don't have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible," IRS Commissioner Chuck Rettig said in a press release. "The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people."
Americans who didn't have a tax liability in 2018 or 2019, veterans beneficiaries, and Supplemental Security Income (SSI) recipients should use the new tool if they want to get paid as soon as possible. If you can wait, the IRS also said it's working on a simpler solution to pay people who receive benefits from the Department of Veterans Affairs or SSI.
The IRS has said that it will be able to deliver payments by direct deposit much faster than mailing paper checks, and has urged people to submit direct-deposit information to the IRS. If you don't provide bank information, the IRS will mail you a check.
The tool, which can be found here, asks for payment information, Social Security number, mailing address, date of birth, and number of qualifying children in order to create and submit a simple tax return (Form 1040). The IRS will use the information to determine the size and method of payment for each person. The payments will be sent out "in the near future," according to the press release.
Last week, TurboTax launched a free portal of its own for those who are not required to file a full tax return this year and want to submit direct-deposit details to the IRS. It has the same requirements as the IRS tool.
Stimulus payments will be sent automatically for many Americans
Stimulus payments are nontaxable and worth $1,200 for individuals earning less than $75,000 and couples earning less than $150,000, plus an additional $500 per qualifying child. You must have a Social Security number and not be claimed as a dependent on another person's tax return to get a payment.
Social Security retirement recipients and railroad retirees who haven't filed a tax return in the past two years will get stimulus payments automatically sent to the address or bank account where they receive their benefits. Taxpayers who filed returns in 2018 and 2019 will also be automatically paid - via either check or direct deposit - based on the adjusted gross income reported on their latest tax return. The IRS said it will be sending these automatic payments next week.
The agency also said it will be releasing a tracking tool on its site by April 17 so that anyone expecting to receive a stimulus payment can find out when it will arrive.
Find the IRS tool here »
- Read more on managing your money in this tumultuous time:
- 3 options for people struggling to pay their mortgage during the global health crisis
- 4 reasons to get disability insurance, even if you don't think you need it
- If you've been financially impacted by the coronavirus, you may be able to pause payments on these 8 bills
- How to get a stimulus check from the US government, which could pay up to $1,200 if you qualify
- In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more
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