Filers: Get Your Payment

Use the “Get My Payment” application to:

  • Check your payment status
  • Confirm your payment type: direct deposit or check
  • Enter or update your bank account information for direct deposit if the IRS doesn’t have your direct deposit information and they haven’t already sent your payment

Update your bank account or mailing address

  • If the IRS does not have your direct deposit information from your 2018 or 2019 return – and a check has yet to be sent  – use the Get My Payment application to update your bank information. This would be where you would want your stimulus payment to be deposited into.
  • 2019 Filers: The IRS will send your payment using the information you provided to your tax preparer when you filed your 2019 tax return.
  • 2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible. That is the only way to let the IRS know of your new information.

It is important that everyone knows the IRS is currently not processing paper returns due to the Coronavirus.

 

For questions or more information contact Monica Brewer, #TheTaxExpert at 706-221-5171.

 

https://www.irs.gov/coronavirus/economic-impact-payments

 

IRS issuing additional tax refunds to 430,000 people

The Tax Expert

Close Up of Tax Form 1040 For Year 2020 on Pink Background

(KTLA) – The IRS has started issuing refunds to 430,000 more taxpayers who received unemployment benefits last year, the federal agency announced Monday.

It’s the latest batch of corrected refunds for millions of people who paid taxes on the benefits, which were excluded from income last year under the American Rescue Plan, according to an IRS news release.

Under the legislation, the first $10,200 of unemployment compensation received in 2020 would not be taxed for individuals and married couples who earned less than $150,000.

The estimated value of the new round of refunds totals over $510 million. To date, the IRS said it has identified at least 16 million taxpayers who received unemployment and may be eligible for an adjustment.

So far, the agency has sent out 11.7 million tax refunds valuing about $14.4 billion to recipients of the federal benefit. Efforts are ongoing to correct overpayments so that taxpayers impacted by the law won’t have to file an amended return.

“The review of returns and processing corrections is nearly complete as the IRS already reviewed the simplest returns and is now concentrating on more complex returns,” the agency said.

Another batch of corrected refunds is slated to go out sometime before the end of the year, though the the federal agency did not provide a narrower time frame for when such payments will be distributed. Typically, the IRS sends out letters to impacted taxpayers within a month of the adjustment with details about the payment.

Most people won’t need to take any further action to get the money.

For more information, go to the IRS’s “2020 Unemployment Compensation Exclusion FAQs” page.

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