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This is the last day in the USA. to request direct deposit of stimulus payments, but wait for a physical check

2020-05-12T18:06:06.156Z


Individuals who have not yet received a stimulus payment from the federal government face a deadline of Wednesday, May 13, for direct deposit; otherwise, they must spe ...


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(CNN) - People who have not yet received a stimulus payment from the federal government face a deadline on Wednesday, May 13 to get direct deposit; otherwise, they will have to wait for a paper check.

The Internal Revenue Service (IRS) says people have until noon on Wednesday to submit bank account information for direct deposit. People who are owed money but whose bank account details are not on file will eventually receive a check in the mail, but this could take weeks.

"Time is running out for the opportunity to receive these payments several weeks early via direct deposit," IRS Commissioner Chuck Rettig said in a statement Friday.

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More than 85% of people who are eligible for the stimulus money have already received the cash. Around 130 million payments were made as of last week. Many of those people did not have to update their bank account information because the IRS already had it on file in a 2018 or 2019 tax return.

People who have updated their bank account information before April 29 should also have received the money. But many people who had, as early as April 15, say that a glitch in the system has kept them waiting.

The government is preparing to increase the number of checks it mails. The next round of payments will begin arriving until the end of May and through June, the IRS said.

The agency is prioritizing giving checks to people with the lowest incomes first. Payments have already been issued to people who filed a 2018 or 2019 tax return and earned less than $ 30,000.

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How to add bank account information

An online IRS tool called "Get My Payment" allows people to upload their bank account information if the agency did not have it listed on a 2018 or 2019 tax return.

The page will request basic information, including your Social Security number, as well as adjusted gross income as reported on your most recent tax return.

Once you add your bank account information, the tool should be updated with a scheduled payment date. If you enter before noon on Tuesday, a payment date must be available on Saturday. If it is after noon on Tuesday, the user would have to wait until the following Saturday.

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What if you don't normally file taxes?

Social Security recipients, Supplemental Security Income recipients, as well as some low-income veterans who receive pension benefits who generally do not file a tax return do not need to upload their bank account information. Your stimulus payment will be sent to you automatically, however, you normally receive those benefits.

But there are millions of other low-income people who are not normally required to file taxes. They are not facing the Wednesday deadline, but must take action before receiving their money.

They must use a separate online tool for non-filers that requests basic information including names, date of birth, and Social Security numbers for the person filing the statement and their dependents. They will not have to provide any income information.

Who is not eligible?

Eligibility is largely based on income, excluding people who earn more than $ 99,000 a year, heads of household with a child earning more than $ 136,500, and childless married couples earning more than US $ 198,000.

Families that earn a little more may still be eligible if they have children. The elimination limit depends on how many children you have. For a typical family of four, the amount is eliminated entirely for those with incomes above $ 218,000.

Those who can be claimed as dependents for tax purposes, like many college students, are also not eligible for payments, as are undocumented immigrants who do not have Social Security numbers.

Payments range up to $ 1,200 for individuals and $ 2,400 for couples, plus $ 500 for each person who depends on them.

Source: cnnespanol

All news articles on 2020-05-12

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