Financial assistance in connection with the coronavirus: now you can specify the invoice for sending and track the payment - ForumDaily
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Financial assistance in connection with the coronavirus: now you can specify the invoice for sending and track the payment

The first part of the payments that Americans should receive against the backdrop of the coronavirus pandemic is already was sent on April 11... Those who have indicated their direct bank account numbers in their tax returns for 2018 or 2019 will receive money most quickly. If your details for direct deposit were not specified, you should be sent a check - but there will be about 100 million such checks. And the IRS can send no more than 5 million checks a week. This means that the process is likely to take 20 weeks, and many will have to wait until September. To expedite the process, the IRS launched on April 15 online tool, which will help you enter information about your account (to send a payment by bank transfer, not a check), track the payment and receive money as soon as possible.

Photo: Shutterstock

In mid-April, the Internal Revenue Service (IRS) began to transfer about 60 million payments to the bank accounts of US residents. These payments will take about three weeks. After that, in early May, the IRS will mail out paper checks.

The IRS plans to send about 100 million checks. But the service can send no more than 5 million checks per week. This means that the process is likely to drag on for 20 weeks. That is, the last payments can take place no earlier than September. Checks will be issued in reverse order, depending on income, that is, they will start with those with the lowest income.

On the subject: IRS begins paying federal aid for coronavirus: what you need to know

To facilitate and speed up the process of receiving money for those people who would otherwise wait for a check for several weeks or months, the IRS launched Get My Payment Web Tool, allowing you to enter your billing information in order to quickly receive assistance from the government.

With this tool you can:

  • find out the status of your payment, including the date on which it is planned to be credited to a bank account or sent by mail;
  • Get advice on the type of payment;
  • provide bank account information in order not to wait for a paper check (this function will not be available if your payment has already been sent).

Entering bank or financial account information will allow the IRS to make a payment directly to your account. Otherwise, your payment will be sent to you by mail in the form of a paper check (this is much slower).

To use the tool, go to via the link on the IRS website. It looks like this:

Keep on hand the tax return for 2019 (if one has already been filed) and the tax return for 2018.

You will be asked to enter several key details, including your social security number, date of birth, and address:

The instructions do not specifically provide such a recommendation, but Forbes notes that this information should be consistent with the data that the IRS has (from your last tax return).

You cannot change the data already submitted with the tax return for 2019. If you filed a 2018 tax return and want to change your details, you need to file a tax return for 2019 as soon as possible.

The IRS will notify the recipient of the payment of federal aid in connection with the coronavirus by letter to your last known address within 15 days after sending the payment by any method (bank transfer or check). The letter will provide information on how the payment was made and how to report it was not received.

Eligible taxpayers who filed tax returns for 2019 or 2018 with direct bank accounts will receive payments automatically. Automatic payments will also be made for those who receive social security pensions, disability benefits or railway pensions.

Remember that payment is not taxed and will not affect tax returns for 2020.

On the subject: Coronavirus financial assistance: how to set up and track a money transfer

How to find out your account number to indicate it on the portal Get my payment

You will need to have the bank route number and account number on hand. There are several ways to find this information.

  • Bank website. The site can display routing numbers and account numbers. For example, for Bank of America, log into your account, select the account you want to use, and then click on the Information & Services tab to see the numbers you want.
  • Mobile app: if your bank has an application, it can show you your account and routing numbers. For example, in Bank of America's BofA application, click on the account you want to use, and then scroll to the bottom of the application window to see your clearly marked account and routing numbers.
  • Printed check. At the bottom of the check, you will most likely see three sets of numbers: the first set of 9 digits is your route number. The second set of 8-12 digits is your account number. The third set - which you do not use to set up a direct deposit - is the number of the check.

A standalone web tool for those who are not required by law to file a tax return

Persons with disabilities, low-income workers, and some veterans who are usually not required to file a tax return are also eligible for payments due to the economic consequences of coronavirus. US Treasury and Internal Revenue Service previously launched a web tool, allowing such persons to enter their billing information in order to quickly receive assistance from the government.

Use the tool is for citizens or permanent residents of the United States who:

  • had a gross income not exceeding $ 12 ($ 200 for couples) for 24 (such income exempts from filing a tax return, therefore the government does not have payment information for such people, although they are entitled to receive financial assistance);
  • for some reason, they should not have filed a federal tax return for 2019 and did not plan to do so.

If you are in this group, you can quickly and easily provide the IRS with the necessary information through a special form here to register:. After providing this information, you do not need to take any additional steps to receive financial assistance from the government.

Information you will need to provide:

  • full name, current mailing address and email address;
  • date of birth and valid social security number;
  • bank account number, type and route number, if you have one;
  • Personal Identity Protection Identification Number (IP-PIN), which you received from the IRS earlier this year, if you have one;
  • a driver’s license or state issued identifier, if you have one;
  • for each eligible child: name, social security number or taxpayer identification number and documents confirming the child’s relationship with you or your spouse.

The form to be completed is located at this link. When a button is pressed Non-Filers: Enter Payment Info Here on this site, you will go to Free File Fillable Forms, a certified IRS partner. This site is safe. After entering the necessary data, you will receive an email from Customer Support, which will either confirm that you sent your information successfully, or will say that a problem has occurred and advice will be provided on how to solve it.

Recall that remittances are a key part of the $ 2,2 trillion government aid package adopted in March in response to the coronavirus pandemic. According to the economic assistance package, individual taxpayers will receive $ 1 each if their adjusted gross income (AGI) is less than $ 200 per year. Those who earn more than $ 75 will receive less - depending on the overall AGI.

On the subject: Government aid in connection with coronavirus: Americans are warned about fraud

Married couples will receive $ 2 if they earn less than $ 400 of adjusted gross income. Taxpayers will also receive $ 150 for each of their children, regardless of how high their income is.

Individuals who earn more than $ 99 are completely excluded from the payout plan. Married couples who earn more than $ 000 (and do not have children as dependents) are also not 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 ForumDaily wrote earlier:

  • Coronavirus Federal Payments will not be taxed.
  • However, if the government does not have your direct bank account number, then some will have to wait for mailed checks by September.
  • According to the adopted package of financial assistance, there are categories of people who, despite the matching income level, will not receive assistance. Their list is here.
  • The topic of government support is actively used by scammers. The schemes used by them and ways to protect themselves from them - here to register:.

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