IRS is entering its fifth wave of releasing stimulus checks to eligible individuals. Different concerns are coming up: missing deposit checks, lacking payments due, plus-up additions, and 2020 tax returns. Luckily IRS has provided tools that can help you monitor your stimulus payments.
Stimulus payments are money used to support individuals who cannot work, remain unemployed, or retired and are suffering from the effects of the pandemic. This is around $1400 per eligible individual and $1400 bonus per dependent. However, the eligible recipients are only individuals who are: single filers making up to $7500 income or spouses with joint filing making less than $150000. Eligibility will be based on Americans' most recent tax returns from 2019 or 2020.
There are specific key points recipients have to look out for when receiving their stimulus payment.
- The Correct Amount: Use some of the available online calculators to compute how much of the stimulus payment you are expected to receive
- The Number of Dependents: There is no limit to the age as long as the dependents are appropriately registered in the tax returns. These could be college students, disabled adults, seniors, or newborn babies this 2020.
- Plus-Up factors: Some Americans have had significant changes in the pandemic, such as losing their jobs or supporting dependents in their families. Such changes should reflect when filing the 2020 tax returns, so eligible recipients could receive plus-up or bonus payments they are entitled to.
- Online Trackers: The payments should come by direct deposit to your registered bank account or paper check. There are available online tools that will tell you your delivery status, such as the USPS Service.
Get My Payment
Yahoo Money reported the first online tracking tool released by the IRS is the "Get My Payment" portal. This tool allows Americans to monitor the scheduled payment date, status of delivery, and how much money is due to them. The online application is available for desktop or online platforms.
Using this tool is easy. IRS does not require users too much personal information and only the basics to identify you from other American citizens. To use the online tool, head to their website and provide your Social Security number or Individual Tax ID Number (ITIN), Date of birth, and Mailing address. The tracking tool will automatically reveal the complete status of your payment.
Create an Online Account
Unfortunately, as of today, the "Get My Payment" would no longer show the status of the First $1200 stimulus payment under the CARES Act and the $600 payments under the December $900 billion stimulus deal. Instead, a new tool has been introduced to check the status of these accounts.
IRS is requesting individuals to create an online account in their system. By officially registering yourself on their website, you can view:
- The amount you owe, updated for the current calendar day
- Your balance details by year
- Your payment history and any scheduled or pending payments
- Key information from your most recent tax return
- Payment plan details, if you have one
- Digital copies of select notices from the IRS
- Your Economic Impact Payments, if any
When registering yourself, IRS would ask for personal information such as your Full Name, Email, Birthdate, Social Security Number (SSN) or Individual Tax Identification Number (ITIN), Tax filing status, and Current address. Have this information ready, and sign up now to get the complete details on your first, second and third stimulus checks.
Related Article: Stimulus Check Tracker: What to Do and How to Trace Your Missing Stimulus Check Online