The first round of Economic Impact Payments is about to be sent to taxpayers, who now have an online tool available to track the status of their stimulus.
The Internal Revenue Service (IRS) has unveiled the website Check My Payment to allow taxpayers to check their Economic Impact Payment or communicate their direct deposit information to the IRS, in case the agency doesn’t have it.
The IRS sends Economic Impact Payments using information included in past tax filings. However, if you haven’t filed your taxes for 2019 or 2018, you can use this website to communicate your direct deposit information. In addition, you can use it if you belong to a category that doesn’t require you to file taxes.
It’s advisable to use the Check My Payment website only once a day. This way you will avoid excessive traffic so other users can track their payment as well.
What Are Economic Impact Payments?
Economic Impact Payments are a provision rolled out by the IRS and the Treasury Department. Above all, the aim is to offer financial relief to taxpayers affected by the coronavirus outbreak.
If you qualify for an Economic Impact Payment these are the amounts you could receive.
- Up to $1,200 for eligible individuals
- Up to $2,400 for eligible married couples
- Up to $500 for each qualifying child for eligible individuals
Taxpayers qualify to Economic Impact Payments based upon their Adjusted Gross Income, as follows:
- Up to $75,000 for individuals
- Up to $112,500 for head of household filers and
- Up to $150,000 for married couples filing joint returns
The government’s response to COVID-19 is fluid. Therefore, the relief initiatives in force may change to better adjust them to future circumstances. Check constantly this blog and the IRS’ website to stay up-to-date as the situation evolves.
It’s important to know this and other initiatives to navigate the current circumstances. Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.
At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.