Earlier today, the IRS launched a tool that would help individuals that normally don’t file a tax return get their Economic Impact Payments. The tool is located on the IRS website: https://www.irs.gov/coronavirus/economic-impact-payments and can be utilized by clicking the link that says Non-filers: Enter Payment Info Here.
Who should use the Non-Filer tool?
- Individuals that were not required to file a tax return for 2018 and 2019 and that do not receive Social Security retirement or disability benefits, or Railroad Retirement benefits. This may include single filers who made under $12,200 and married couples making less than $24,400 in 2019.
- Veterans beneficiaries and Supplemental Security Income (SSI) recipients (Note: The IRS is currently looking for a way to send the Economic Impact Payments automatically to SSI recipients and those who receive veterans disability compensation, pension or survivor benefits from the Department of Veterans Affairs, however one does not exist currently. Individuals in this category may use the Non-Filer tool on the IRS website or wait while the IRS looks for a way to simplify delivery of these payments to individuals in this category.)
- Individuals receiving Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents. (While individuals in this category will automatically receive $1,200 Economic Impact Payments, individuals in this group with qualifying children under age 17 may use the Non-Filer tool on the IRS website to claim the additional $500 payment per child.)
The IRS is expected to release a second tool called Get My Payment by April 17th, 2020. This tool will help individuals track the status of their payment and provide them with the date their payment is scheduled to be deposited into their bank account or mailed to them.
If you have any questions regarding whether or not you qualify for an Economic Impact Payment or whether or not you should use the Non-Filer tool, please consult your HBK tax advisor, we are standing by and ready to help.