Stimulus Payments are Underway: Here’s How to Get Yours Faster
Taxpayers are beginning to receive their $1,200 one-time stimulus payments plus $500 for each dependent under the age of 17. Lost in this noise is a recent IRS announcement that can help you get your payment a bit faster.
First round of payments are underway
Payments have begun hitting the checking accounts of taxpayers who included their bank’s routing and account numbers on their 2019 and 2018 tax returns. Now is the time to start checking your bank account to see if your payment is processed.
IRS launches new simple filing site
For those who have not filed a tax return for 2019, there is an opportunity to receive your stimulus payment a bit more quickly. There is a new simple filing site with a link to a simple filing form. This will provide the IRS with the information necessary to issue your stimulus check via direct deposit. The alternative is waiting up to several months to get your stimulus payment via mail in the form of a physical check.
Who should use the simple tax filing site site
Consider using the simple file site to provide direct deposit information in the following situations:
- You have not filed a 2018 or 2019 tax return or
- Not required to file either a 2018 or 2019 tax return. In this case, you will never receive your stimulus check unless you use this new simple filing form.
A special note for non-filing seniors
The Treasury has directed the IRS to provide payments to seniors based on Form 1099-SSA reporting as well as tax filings. While they are requesting SSA-1099 recipients without 2018 and 2019 tax returns to hold off filing a simple tax return, you may still wish to do so if you need your payment more quickly. This also protects your Social Security number from being used by identity thieves! You need to be prepared to return an extra payment should your tax filing confuse their systems and create a double payment.
Remember it is going to take some time for the IRS to process all these payments. Especially when their data is constantly shifting as people continue to file tax returns, including their new simple filing form.
If you have any questions, please feel free to contact us by calling 480-354-1040.