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IRS Portal to Check Status of Economic Impact Payments

by | Apr 22, 2020 | Bulletins

The IRS has launched an online Economic Impacts Payment portal and has begun making payments to individuals as stipulated under the CARES Act. We are notifying you for your education, and ask that you please forward this information to family and friends if it would be of benefit.

About the Portal: The portal allows taxpayers to review the eligibility and status of their economic impact payment, confirm and update their address, and make any changes to banking information that will be used for deposit of the payment.

The IRS portal can be found here:
https://www.irs.gov/coronavirus/economic-impact-payments

Eligible recipients should log into the IRS portal to review and confirm banking and address information. If direct deposit has not been used in the past, it is advisable to provide this information to the IRS, as payments will be received faster than if by mail, which could take several months.

Status messages: Currently many people are seeing a “Payment Status Not Available” message when attempting to review their file. The IRS responds to questions about that status here: https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions#paymentnot and also states that status updates occur only once per day.

Eligibility: Generally, individual taxpayers with an adjusted gross income (AGI) under $75,000 and those married filing jointly with AGI under $150,000 in either the 2018 or 2019 tax year (dependent upon which tax return has been filed) will be eligible for a full payment. Generally, individuals with AGI in excess of $99,000 and married filing jointly with AGI in excess of $198,000 will not be eligible. Those in between may receive a partial payment.

Scams: Scam attempts are being reported regarding these payments. Remember, the IRS will not call, text nor visit you personally in respect to these payments. IRS correspondence arrives via USPS mail and the IRS.gov website. Do not provide personal information to anyone calling or texting you claiming to be an agent of the IRS. The FBI has released a notice regarding scams of which to be aware.

As always, we are available, should you have any questions.

With care and concern from all of us at Colman Knight

 

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