by Mike Godfrey, Tax-News.com Washington
01 May 2020
On April 15, 2020, the United States Internal Revenue Service unveiled the “Get My Payment” online tool that will allow taxpayers to receive economic impact payments under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Under the CARES Act, all US residents with adjusted gross income up to USD75,000 (USD150,000 married), who are not a dependent of another taxpayer and have a valid social security number, are eligible for a USD1,200 (USD2,400 married) rebate, known as an economic impact payment, which is being paid automatically by the IRS.
This rebate is reduced by USD5 for each USD100 that a taxpayer’s income exceeds the phase-out thresholds (USD75,000, USD112,500 for head of household filers, and USD150,000 for married couples filing joint). The amount is completely phased-out for single filers with incomes exceeding USD99,000, USD146,500 for head of household filers with one child, and USD198,000 for joint filers with no children.
The Get my Payment tool allows taxpayers to provide the IRS with their bank information in order to receive economic impact payments. It also addresses key taxpayer questions, such as projected payment dates.
In order for taxpayers to track the status of their payments, the tool will show the payment amount, scheduled delivery date by direct deposit or paper check, and if a payment hasn’t been scheduled. Recipients will need to enter basic information including Social Security number, date of birth, and mailing address used on their tax return.
Taxpayers needing to add their bank account information to expedite receipt of their payment will also need to provide the following additional information:
- Their Adjusted Gross Income from their most recent tax return submitted, either 2019 or 2018;
- The refund or amount owed from their latest filed tax return; and
- Bank account type, account and routing numbers.
The Treasury Department and the IRS have also developed an additional online tool allowing quick registration for economic impact payments for those who don’t normally file a tax return and who don’t receive Social Security retirement, disability, or survivor benefits and Railroad Retirement benefits.
The IRS expects to pay an initial round of 80 million economic impact payments.