Those who haven’t been required to file a return during the past two years may have to submit some information online before receiving the payment.
How do I check on the status of my payment?
You’ll need to enter your Social Security number, date of birth and mailing address in order to track your payment, the Treasury Department said.
Am I eligible?
Eligibility is largely based on income, and it excludes individuals earning more than $99,000 and married couples (without children) earning more than $198,000. Those who can be claimed as a dependent for tax purposes, like many college students, are also ineligible for the payments, as well as undocumented immigrants who don’t have Social Security numbers.
But everyone else should receive some money.
How much will I get?
Individuals are due up to $1,200 and couples will receive up to $2,400 — plus $500 per child.
But payments start phasing out for individuals with adjusted gross incomes of more than $75,000 and married couples who earn more than $150,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income.
How can I get my money faster?
The IRS is first sending money to those for whom it has bank account information on file. That might not be you if you haven’t received a tax refund over the past two years — or if you received a refund by a check in the mail, rather than by a direct deposit.
However, taxpayers won’t be able to update their bank information once the payment is already scheduled for delivery, and it won’t allow you to update bank information already on file, the Treasury Department said.
What if I haven’t filed a tax return?
Generally, these are individuals who did not earn more than $12,200 last year or married couples who did not earn more than $24,400.
The new tool is “very straightforward, and likely much faster, than requiring non-filers to fill out and submit a tax form,” said Erica York, an economist at the Tax Foundation.
The challenge will be making sure those people are aware of the tool and helping those who don’t have access to the Internet at home, she said.
CNN’s Vivian Salama contributed to this story.
— to www.cnn.com