Written by Admin
As we inch toward the confirmation of a second Economic Impact Payment, there are a few important notes to consider. While you may still be eligible for a payment if you don’t normally file tax returns, you’ll need to provide your information to the IRS soon to qualify. Individuals who earn under $12,200 per year, married couples who make under $24,400 per year, and others who rely solely on federal benefits have the opportunity to send their information to the IRS through their convenient non-filers tool.
Using the non-filers tool is easy, free, and guarantees that the IRS knows that you are eligible for the payment before the payments start going out. In the first round of Economic Stimulus Payments, accounts that were complete were prioritized, while incomplete accounts were addressed in later rounds. Providing your updated information also helps expedite the process by telling the IRS exactly how and where you’d like your payment to be sent.
When you use the non-filer tool, you’ll provide the IRS with:
- Your name and social security number
- Your home address
- Information regarding your dependents
They’ll review your information, confirm your eligibility and amount for the payment, and send the payment according to the instructions you provided. You’ll be given the chance to enter your bank account information for a direct deposit. If you opt out of providing your banking information, they’ll mail your Economic Impact Payment instead. Keep in mind that the latter could take significantly longer.
The non-filers tool is only available on the IRS website, so be cautious of other sites asking for sensitive information. You can read more about the eligibility requirements and the IRS’s non-filers tool here.