Coronavirus stimulus payments: IRS launches portal for non-filers to access cash

The tool is designed for people who do not normally need to file tax returns

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

The IRS on Friday launched a highly anticipated web portal for non-filers to give their information to the tax agency, which will allow them to collect their economic impact payments from the federal government.

The tool will help “millions” of people, according to the IRS. It is designed for people who do not normally file tax returns – which is how the tax agency is determining whether the vast majority of Americans qualify for a $1,200 stimulus check.

"People who don't have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible," IRS Commissioner Chuck Rettig said in a statement.

CORONAVIRUS UNEMPLOYMENT TIPS IN NEW YORK: HOW TO SPEED UP YOUR APPLICATION

Some of the groups of individuals who will need to utilize this tool to get their payments include people whose incomes are below the normal limit for filing a tax return (for example: singles who made under $12,200 and married couples who made under $24,400 in 2019), veterans' beneficiaries and Supplemental Security Income (SSI) recipients, and some other groups with qualifying dependents.

Individuals will need to input some personal information, including Social Security numbers, addresses and dependents. You will also have the option to input your direct deposit information, which will get you the money quicker.

CORONAVIRUS STIMULUS CHECKS: WHO GETS MONEY AND WHEN?

If you were supposed to file a return – and did not do so for tax year 2018 or 2019 – you must do so as soon as possible in order to collect your payment.

Social Security recipients do not have to fill out the form. They will be sent their payments automatically via the same method (mail or direct deposit) that they usually receive their regular benefit.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.

The checks are expected to begin hitting direct deposit accounts starting next week, according to the administration. Paper checks are expected to begin being sent the week of April 20.

More information about eligibility here.

If the IRS does not have your direct deposit information – and you do not want to wait for your economic impact payment in the mail – the agency is rolling out a tool next week that will allow you to enter your direct deposit details. It will be available for use by April 17. The tool will also provide people with information about their payments, including when it is scheduled to be deposited.

CLICK HERE TO READ MORE ON FOX BUSINESS