The IRS has just announced that it has released an online tool that will help speed up the process for people that are in need of the coronavirus stimulus check.
The coronavirus outbreak has caused millions of people to be out of work, and those people who are out of work are in need of the stimulus check the United States government announced. Unfortunately, waiting for this check to arrive can be hard, so if the process can be sped up, it's welcomed. This is where the IRS' new online tool comes into play. For those that don't know, the United States government announced a $2.2 trillion stimulus package aimed at assisting those who have been affected by the coronavirus pandemic.
The idea behind the package is to provide money to the millions of people who are out of work due to the outbreak; the amount of money you will be given will be based on your income. Individuals will receive $1,200 if they their gross income is $75,000 or below. A basic rule of thumb is 'the higher your income, the less you will receive in government assistance'. If your income exceeds $99,000, you won't qualify for any assistance. Now, how do you get your check faster?
The IRS has released a new online tool targeted at those who didn't have to file tax returns in 2018 or 2019. People who filed tax returns in 2018 or 2019, or who receive Social Security retirement, disability, or survivor benefits and those who get Railroad Retirement benefits won't need to use this service. The IRS already has the bank information for people that fall into these categories, meaning that the checks will be wired to them automatically.
Here's a list of information that the IRS will require:
- Full name, current mailing address and an email address
- Date of birth and valid Social Security number
- Bank account number, type and routing number, if you have one
- Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year, if you have one
- Driver's license or state-issued ID, if you have one
- For each qualifying child: name, Social Security number or Adoption Taxpayer Identification Number and their relationship to you or your spouse
The IRS states that these stimulus checks will be sent out very soon. To get onto the form click this link here.
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