Financial assistance in connection with the coronavirus: you can now specify an account to send and track payment

The first part of the payments due to Americans against the backdrop of a pandemic of mers have already been sent on April 11. Fastest money given to those who have indicated their direct Bank accounts in the tax returns for 2018 or 2019. If your data for direct Deposit has not been specified, you must send a check — but these checks will be about 100 million. But the IRS may not send more than 5 million cheques per week. This means that the process is likely to drag on for 20 weeks, and many will have to wait for the money until September. To speed up the process, the IRS April 15 launched an online tool that will allow you to enter information about your account (to send payment by Bank transfer and not by cheque), to track the payment and get the money as soon as possible.

Финпомощь в связи с коронавирусом: теперь можно указать счет для отправки и отследить платеж

Photo: Shutterstock

In mid-April, the internal revenue Service (IRS, Internal Revenue Service, IRS) started to translate approximately 60 million payments to Bank accounts of US residents. These payments will take about three weeks. Then in early may, the IRS will send paper checks in the mail.

The IRS plans to send about 100 million checks. But the service can send no more than 5 million cheques per week. This means that the process is likely to drag on for 20 weeks. So the last payment may be held until September. Cheques will be issued in the reverse order, depending on income, that is, start with those with the lowest income.

To facilitate and speed up the process of getting money to those people who otherwise would have waited for the check a few weeks or months, the IRS launched a web tool to Get My Payment that allows you to enter your payment information in order to promptly get help from the government.

With this tool you can:

  • to know the status of your payment, including the date on which the scheduled transfer thereof to a Bank account or send via email;
  • get advice about the type of payment;
  • to provide information about the Bank account not to wait for a paper check (this function is not available if your payment has already been sent).

Enter information about the Bank or the financial account will allow the IRS to make a payment directly to your account. Otherwise, your payment will be sent to you by mail as a paper check (this is much slower).

To use the tool, follow the link to the website of the IRS. It looks like this:

Финпомощь в связи с коронавирусом: теперь можно указать счет для отправки и отследить платеж

Photo: screenshot irs.gov

Keep at hand a tax return in 2019 (if she filed) and tax return for the year 2018.

You will be prompted to enter some key data, including social security number, date of birth and address:

Финпомощь в связи с коронавирусом: теперь можно указать счет для отправки и отследить платеж

Photo: screenshot irs.gov

The instructions did not specifically give such a recommendation, but Forbes notes that this information should match the data that have IRS (from your most recent tax return filed).

You can’t change data that has already been filed along with the tax return for the year 2019. If you filed a return for the 2018 and want to change your data, you need to file a tax return for the year 2019.

The IRS will notify the recipient on the payment of Federal assistance in connection with the coronavirus by letter to your last known address within 15 days after you send payment by any method (Bank transfer or cheque). The email will provide information about how payment was made and how to report it not received.

Eligible taxpayers who filed tax return for the 2019 or 2018 with a direct Bank accounts will receive payments automatically. The automatic payment also will be made for those who receive pensions, social security, disability benefits or pensions for railway workers.

Remember that the payment is not taxable and will not affect the tax refund for the year 2020.

How to find out your account number to specify in the portal Get My Payment

You will need to have a Bank route and account number. There are several ways to find this information.

  • The website of the Bank. On the website you can display the routing numbers and account number. For example, Bank of America sign in to your account, select the account you want to use and then click on the tab “Information and services” (Information & Services), to the right you see the rooms.
  • Mobile app: if your Bank has an app, it can show you your account and routing numbers. For example, in BofA Bank of America’s click on the account you want to use, then scroll to the bottom of the application window to see your clear account and routing numbers.
  • Printed receipt. In the bottom of the receipt you will probably see three sets of numbers: the first set of 9 numbers is your routing number. The second set of 8 to 12 digit number is your account number. The third set — which you use to setup direct Deposit is the check number.

A separate web tool for those who, by law, is not required to file a tax return

Persons with disabilities, workers with low income and some veterans that are not normally required to file a tax return are also eligible for payments in connection with the economic consequences of coronavirus. The Treasury and the internal revenue Service, the US had previously launched a web tool that allows such persons to enter your payment information in order to promptly get help from the government.

To use the tool is to citizens or permanent US residents who:

  • had a gross income not to exceed 12 $ 200 (24 $ 400 for married couples) for the 2019 year (such income is exempt from filing a tax return, so the government has no billing information of such people, although they are eligible for bailout);
  • not had any reason to file a Federal income tax return for the year 2019 and had not planned to do this.

If you are in this group, it is free and quick to provide the IRS the necessary information through a special form on the link. After providing this information you do not need to take any further action to receive financial help from the government.

The information you will need to provide:

  • full name, current mailing address and email address;
  • date of birth and a valid social security number;
  • Bank account number, type, and route number, if you have it;
  • personal identification number protection identification number (IP PIN) that you received from the IRS earlier this year, if you have it;
  • driver’s license or state issued ID if you have;
  • for each qualifying child’s name, social security number or taxpayer identification number and documents confirming the relationship of the child with you or your spouse (oops).

The form you need to fill, located at this link. When the button is pressed Non-Filers: Enter Payment Info Here at this site you go to Free File Fillable Forms, IRS certified partner. This website is safe. After entering the required data, you will receive an email from customer support, which will be either confirmed that you have successfully submitted your information, or to be told that there is a problem and provide advice on its decision.

Recall that remittances are a key part of the government’s aid package in the amount of 2.2 trillion dollars, which was adopted in March in response to the pandemic coronavirus. In accordance with the economic aid package, individual taxpayers will receive 1 of 200 dollars if their adjusted gross income (AGI) is less than $ 75,000 per year. Those who earn more than $ 75,000 will receive less, depending on the total AGI.

Couples will receive $ 2,400 if they earn less than 150 thousand dollars of adjusted gross income. Taxpayers will also receive $ 500 for each of his children, no matter how high their income.

Individuals who earn more than 99 000 dollars, completely excluded from the payment plan. Married couples earning more than 198 000 dollars (and not having children as dependents) are also eligible for payments.

Under the bill, workers in the United States without a green card are not eligible to receive Federal assistance in connection with the coronavirus.

As previously wrote ForumDaily:

  • Federal payments in connection with the coronavirus will not be taxed.
  • However, if the government does not have the number of your direct Bank account, then some will have to wait for mailed checks until September.
  • According to the bailout package, there are categories of persons who, although the income doesn’t get help. They should be listed here.
  • The topic of governmental support is actively used by fraudsters. Their approach and ways to defend against them — the link.

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