Time-Sensitive Steps to Receive Your Stimulus Payment Quickly
May 12, 2020
by Terri Feeley
The IRS announced that this Wednesday, May 13th, 9am PT (noon ET) is the deadline for many people to enter their direct deposit info into their Get My Payment portal. If you qualify for a stimulus payment and haven’t received it yet, provide your direct deposit information to get your funds faster.
Who needs to provide their direct deposit information?
Wednesday’s deadline seems to only apply if you filed a 2018 or 2019 tax return, but didn’t include direct deposit information. If you miss this deadline, you’ll still receive your payment if you qualify. It will come via check sometime in the next few months.
What if I’m not required to file taxes?
Even if you’re not required to file taxes, you can still expedite your stimulus payment. Just enter your direct deposit info into the Non-Filer: Enter Payment Info Here tool. So far, the IRS hasn’t set a deadline for non-filers to enter their payment info.
You aren’t required to file a tax return if your annual income was less than $12,200 ($24,400 if filing jointly). Even if it’s not required by law, it may benefit you to file your taxes anyway. You may qualify for refundable tax credits like the EITC or the Additional Child Tax Credit and receive a refund.
It’s also important for young adults who are newly financially independent of their parents to file taxes. This will establish your “independent” status with the IRS. Even if your parents help you out financially, if you’re 19-24, the IRS likely sees you as independent. The main exception is full-time students whose parents pay more than half of their expenses.
How to File Your Taxes for Free
If you’re eligible for the stimulus payment and haven’t filed your 2019 tax returns, I recommend that you do so as soon as possible. When you file, be sure to include your direct deposit info. If your income is $69,000 or less, you can use brand-name tax prep software for free through IRS Free File. Code for America is also partnering with free tax prep sites to offer help from IRS-certified volunteers for free.
File your taxes as soon as possible to get your stimulus payments and any other tax refunds that you qualify for. It will also position you to receive any future federal stimulus benefits from the IRS.