Confirmed that a second round of stimulus checks is likely to be included in the next coronavirus relief package, many Americans wonder how they can ensure that they receive their economic impact payment smoothly. The distribution of the first round of payments was flooded with problems, mainly due to the quick way in which the Internal Revenue Service (IRS) and the Treasury Department worked to get the payments issued, but there is a way to ensure receiving your payment, perhaps even faster than the first.
If you expect to take the appropriate steps now to ensure you receive your payment smoothly, your access resource should be the Get My Payment tool on the IRS website. Launched in mid-April along with the non-filer tool, the online portal not only allows the American people to track the status of their payment, but also confirms the type of direct payment (direct deposit or check) and submits their payment information. direct deposit for those who filed their tax returns in 2018 or 2019, but did not provide their bank information.
While millions of people had received their first economic impact payment through physical checks sent by mail, the need for more relief may be more urgent this time as cities and states revert to reopening as prices increase. coronavirus cases. To ensure you receive your payment as quickly as possible, you will need to access the Get My Payment tool and select to receive your payment through direct deposit. To do so, the IRS will request the following information: Social Security Number (SSN) or Individual Tax Identification Number (ITIN); date of birth; Address; five-digit postal code or postal code; your adjusted gross income from the most recent tax return you filed (either your 2019 or 2018 return); the refund or amount due from your last filed tax return; the type of your bank account (savings, checking accounts, etc.); and your bank account and routing numbers.
According to Forbes, if you have changed banks since the first round of stimulus checks were distributed, you will not be able to set up direct deposit at this time. Instead, the IRS will try to deposit the money into your old bank account. Once the bank rejects the deposit, the IRS will issue you a physical check that will be mailed to you.
At this time, it is unclear who will be eligible for this second round of payments and how much those payments will be. Since Senate Majority Leader Mitch McConnell is pushing to keep the package around $ 1 trillion, which would be significantly less than the CARES Act, it has been suggested that eligibility will be more limited than with the first round of payments . McConnell had previously suggested that the income limit could be set at $ 40,000, although that number has not been confirmed and has already faced rapid controversy.
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