IRS Explains Who Needs to File Tax Returns to Get Stimulus Checks

UTC by Wanguba Muriuki · 2 min read
IRS Explains Who Needs to File Tax Returns to Get Stimulus Checks
Photo: Depositphotos

The IRS urges the American people with low income, as well as disabled ones, who do not normally file tax returns to do so as soon as possible to get coronavirus stimulus paychecks.

In the United States, many Americans will get coronavirus stimulus checks. Everyone will get money according to the amount that they file on their tax returns. In that context, the IRS is requesting various groups that do not usually file their taxes to do it as soon as possible to get a payment.

The coronavirus pandemic is affecting every sector of the global economy. Many people are losing their jobs. That has prompted governments around the world to inject liquidity into their economies through various stimulus packages.

A group of up to 10 million Americans who never file for returns are encouraged to submit a simple tax return to get a stimulus check according to the IRS. The group does not file returns since they have little to no income, and some of them are disabled.

Anyone who falls on this category is encouraged to use TurboTax’s free stimulus registration site, a tax preparation service, to fill out a simple tax return. This method is only available for anyone who does not typically file a tax return.

Although there was some confusion initially, the IRS acknowledged that all retirees who get Social Security or Railroad Retirement benefits would receive their payments automatically. They will not have to do anything. They will get the money just as they would the payment of their regular benefits.

Further Explanation on Stimulus Checks

The IRS refers to the stimulus paychecks as the economic impact payments. The money will be available up to the end of 2020. Therefore, anyone who cannot file their returns right away has a few months to do so. But, the IRS says that nobody will receive a stimulus payment until they file their returns.

Anyone who files taxes but has not done it yet this year, the IRS is still requesting people to do it. The IRS wants to have the most up-to-date banking information for a direct deposit. Even though the US Department of Treasury said that it would launch an online portal for people to give their banking information; the portal is not yet available.

The IRS can send payments more rapidly through direct deposit than paper checks. These direct deposit payments are expected to go out in mid-April while the checks will come later in May.

News, Personal Finance
Related Articles