Recently I offered Everything We Know About the Coronavirus Stimulus Payments. Here’s some good news! TurboTax and the IRS have announced a partnership to launch a free stimulus registration website so that Americans who do not file tax returns can go online to get their CARES Act stimulus checks faster. Here are the details on how to register for your stimulus payment if you are not going to file a tax return.
UPDATE: “Get My Payment” IRS Web App Launches for Quicker Stimulus Payments, Plus Check Status Online!
Simple Steps: Register for Stimulus Payment
Where to Register
If you are not required to file taxes and don’t receive Social Security benefits, use the free Stimulus Registration for non-tax filers. This form gives the IRS your current mailing address and direct deposit banking information. The registration is free to use. Besides the Stimulus Check Web Portal, TurboTax also includes a payment calculator. The calculator helps you determine how much you should receive from the government with your stimulus payment.
If you did file a 2018 tax return or have already filed your 2019 tax return, the IRS will use those federal tax returns to determine and send individual stimulus payments. Those will be sent using the banking information provided on those returns. Those who didn’t file (or will not file) are at risk of not receiving a stimulus payment since the IRS has no way of knowing how to get it to the eligible persons with only a social security number.
Some Debit Cards Are Eligible to Receive Payments
Debit cards that are used by many tax preparation companies such as H&R Block and Intuit’s TurboTax as well as the Direct Express programs do qualify to receive these direct payments. That’s because these cards (H&R Block’s Emerald Card, Direct Express and TurboTax’s debit card) are linked to an actual bank account (with routing numbers) and all should qualify for the economic stimulus direct payment. This is relatively new information.
Social Security Recipients Will Automatically Receive Payments
On April 1st, the U.S. Department of the Treasury and the Internal Revenue Service announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.
“Social Security recipients who are not typically required to file a tax return do not need to take any action, and will receive their payment directly to their bank account.”
The IRS says it will begin sending electronic payments to those who qualify and have direct-deposit information on file on April 9th. Those who qualify but haven’t provided the IRS with bank information through a tax return, TurboTax’s online stimulus check web portal, Social Security or railroad retirement benefits tax form will begin receiving paper checks beginning April 24th.
Stimulus Checks For Individuals And Joint Taxpayers
Stimulus checks — up to $1,200 for individuals, $2,400 for joint taxpayers and an additional $500 for each qualifying child — will be based on information from your most recent tax filings, either 2019 or 2018. This only applies if you haven’t filed this season yet.
Will You Have to Pay Back the Money?
Many people have questions about the economic stimulus payments. The CARES Act makes it clear that the stimulus payment is a unique fully refundable tax credit. Recipients are getting this special tax credit in advance.
Tax filers will technically claim the tax credit on their 2020 taxes, provided one earns enough in 2020 that requires filing a tax return. This ‘advance tax credit’ will basically wash itself out so filers will not be able to benefit from it twice (once in the form of a payment now and again later to lower a 2020 tax bill).
The stimulus checks are nontaxable. As such, they will not be included in 2020 as reportable income. They are officially described in the CARES Act as a “Recovery Rebate for Individuals.”
Caveat: I am not a professional tax preparer or tax attorney.
If you have done everything right, you will get this final payment method confirmation screen. You can also set up a paper check to be mailed to you.
Whatever your situation, you may be able to use this site to register for your stimulus payment online for free, making the process faster and easier for those that qualify.
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